With plans to significantly increase its share in the rapidly expanding Indian wind energy sector, Inox Wind, one of the country’s leading wind turbine manufacturers, has expanded one of its production facilities.
Inox Wind, one of the only two wind energy companies listed on the Indian bourses, has announced that it expanded its wind turbine manufacturing facility in Madhya Pradesh. The company reported that it commissioned a new production facility in the state of Madhya Pradesh. The facility will have production capacity of 800 MW of wind energy equipment and will increase the company’s overall production capacity to 1.6 GW annually.
“The unit will have an annual production capacity of 400 rotor blade sets and eventually also have an annual manufacturing capacity of 400 nacelles and hubs, 300 towers,” a company press release stated.
The company also claimed that the production facility is one of the largest of its kind in Asia, not to mention the largest in India.
Recently, Inox Wind reported a consolidated net profit of Rs 89.13 crore (around $13.7 million) for the quarter ending September 2015, representing a 76.5% jump in profit quarter-on-quarter, and a 64.8% increase in year-on-year profit. The huge profit come on the back of equally strong sales volume, with net sales increasing to Rs 1,008 crore (around $155 million), up 58.7% quarter-on-quarter. The company received several orders this year and reportedly has 1.4 GW of capacity under various stages of development.
Inox Wind had announced earlier this year that it will invest $750 million in the state of Gujarat to to set up 700 MW wind energy capacity. The recent expansion in Madhya Pradesh may also be linked to the $80 million investment the company had announced.
Inox Wind was listed on the Indian bourses in April this year. The company had offered prospective investors 23.2 million shares to raise about $117 million. It received bids for 431 million shares worth $2.2 billion.