Aug 23 (Renewables Now) - Russian state-controlled nuclear energy company Rosatom is in early-stage talks to invest in Indian wind turbine maker Inox Wind Ltd (BOM:539083), sources told Indian business daily Mint.
Earlier this year it was announced that Dutch company Lagerwey has signed an agreement for licensing its wind turbine technology to OTEK, a division of Rosatom that wants to make wind turbines in Russia. According to one of Mint’s sources, the Russian company wants to gain a foothold in wind manufacturing also in India and control over the supply chain.
Inox Wind makes blades and tubular towers at Rohika in Gujarat, hubs and nacelles at Una in Himachal Pradesh, and it has an integrated manufacturing facility for all four at Barwani in Madhya Pradesh. Its blade manufacturing capacity currently stands at 1,600 MW. Atul Soni, investor relations head at the company, said at a conference call with analysts earlier in August that with minor capital expenditure the company will be able to debottleneck its nacelle and hub capacity from 1,100 MW currently. Tower capacity can also be lifted with minimum investments.
In the first quarter of the fiscal year to March 31, 2018, Inox saw its revenues plunge to INR 1.06 billion (USD 16.4m/EUR 14m) from INR 4.35 billion a year ago and it turned to an after-tax loss of INR 390 million from an INR-118.2-million profit. The company said its performance has been affected by the temporary downturn in the Indian wind power market following the transition from a feed-in tariff-based market regime to auctions for wind power contracts.
Inox expects the market to start normalising in the October-December 2017 quarter. It said that fiscal 2018/19 would be “the beginning of a phase of robust growth for the wind industry”.
(INR 100 = USD 1.55/EUR 1.32)