By IANS
Chennai : City-based Leitner Shriram Manufacturing Ltd (LSML), a joint venture between Shriram EPC and Dutch firm Leitwind BV, will manufacture wind turbines in its Gummidipoondi plant near Chennai from April.
The project, worth Rs.2 billion ($50 million), would make 1.3 MW and 1.5 MW wind turbines, M. Amjad Shariff, joint managing director of Shriram EPC, told reporters here Tuesday.
Shriram EPC is a provider of integrated design, engineering, procurement, construction and project management services for renewable energy projects, process and metallurgical plants and municipal wastewater treatment projects.
LSML, with Rs.510.5 million ($13.1 million) worth of equities, is a 51:49 joint venture between Leitwind BV of the Netherlands and Shriram EPC Ltd.
Shriram EPC would raise capital of between Rs.1.45 billion ($36.9 million) and Rs.1.66 billion ($42 million) from an initial public offer (IPO) to partly finance the wind turbine project, said Shariff.
According to him, Rs.84.39 million ($2.2 million) of the public issue will be invested in Shriram Leitwind, Rs.400 million (10.2 million) in Orient Green Power Company Ltd and Rs.76.69 million ($1.9 million) to purchase equipment for Shriram EPC’s municipal waste water treatment division.
Shriram Leitwind Ltd is another joint venture between Leitwind and Shriram EPC, which markets 250-KW wind turbines and components.
Orient Green Power is a 50:50 joint venture between Shriram EPC and Bessemer Venture Partners Trust engaged in the field of renewable energy generation.
The company has identified four biomass projects in Dindugal, Pattukottai, Vandavasi and Pollachi in Tamil Nadu and one mini hydropower project in Orissa and one poultry waste based power project in Andhra Pradesh.