German-based Manz Automation AG, a major player in robotics, image processing and control engineering, has formed a joint venture (JV) with Delhi-based Technicom-Chemie. The JV has received orders worth $65 million from three companies to provide solar power equipment.
The joint venture company, Manz Automation India Private Ltd, will market the high technology solar energy equipment and provide technical support for generating power through the renewable and clean means.
“The JV has the option of local manufacturing,” Indian Managing Director Ajay Chauhan said. The Indian JV is expected to have a turnover of $317 million in the current financial year. “We have received orders worth euro 50 million from three companies, Tata BP Solar, Moser Baer and Solar Semiconductors,” Ajay added.
Manz Automation manufactures automation equipment, cell testers, wafer testers and back-end printing lines for the crystalline silicon solar cells. The cost of photovoltaic cells and other equipment is much higher than the conventional sources of energy. Once the “grid parity (cost equalization) takes place,” the sector will see a boom, President and chief executive officer of Manz Automation Dieter Manz said.
Despite the financial crisis, the parent company Manz Automation AG was able to significantly increase both its revenues and earnings in the first nine months of the fiscal year, tripling its revenue figures to $159.1 million. The solar division significantly drove the growth, with revenues of $88.81 million, compared to last year’s $32.64 million.
“We are very happy with our successful business growth. The integration of the companies that the Manz Group has acquired is progressing right on schedule. The capital increase has provided us with very solid financing, with the result that we will be able to benefit from growth opportunities on up-and-coming markets, such as the United States, Arabian countries and India, thanks to our reinforced position,” Dieter added.
According to market sources, a number of international companies have also expressed interest in the fast-growing Indian power and photovoltaic markets. India reportedly requires 130,000 megawatts of electricity on an annual basis. However, current peak demand exceeds the available supply by a shocking 14 percent.
About the author
Uday Lal Pai, email@example.com, is a freelance journalist based in India.