Suzlon eyes Greece, UK for expansion

Wind power major Suzlon Energy on Friday said it was looking at exploring new markets like Greece, UK, Taiwan and Philippines besides strengthening its operations in China.

The company is looking at generating 60 per cent of its revenue from the international markets in the next fiscal.

"For us the major markets are US, India and China. Our order book position from countries like Italy, France, Portugal, Korea and Australia are quite big. We should now go forward to UK, Taiwan, Greece and Philippines markets," Tulsi Tanti, CMD, Sizlon Energy Ltd said on the sidelines of Hindustan Times Leadership Summit in New Delhi.

The company's current order book is at $1.4 million, out which $1.2 million is from export markets, he said.

In China, where the company is going to follow a four-pronged eco system approach of "development, supply, project construction and services model, in three provinces Suzlon will work with partners," Tanti said.

Tanti said Suzlon would continue to focus on the domestic market as well. The expansion does not end here for Suzlon as the company is planning to invest about Rs 800 crore (Rs 8 billion) (150 million Euro) in the recently acquired gearbox manufacturing company in Belgium to increase its capacity to 5,800 MW from 3,200 MW now.

The capacity expansion for the Belgium facility should be complete by 2007 December, Tanti added. "The funds should be a mix of internal accruals and bank finance for the Belgian investment" he said.

Suzlon has already outlined investment of Rs 1,500 crore (Rs 15 billion) in the country - Rs 750 crore (Rs 7.5 billion) to set up an integrated turbine manufacturing facility in Karnataka and another Rs 750 crore (Rs 7.5 billion) to put up one forging and machining plant each in Vadodara and Coimbatore. The company currently has over 30 wind farms in eight Indian states.