Siemens Gamesa wins biggest order to date in India

  • Reuters
  • Stock Market News
Siemens Gamesa wins biggest order to date in India
Credit: © Reuters.

FRANKFURT, April 26 (Reuters) - Siemens (NS: SIEM ) Gamesa SGREN.MC , which overtook Vestas VWS.CO as the world's largest wind turbine maker last year, on Thursday said it won its biggest order to date in India, where a temporary downturn had previously hit the group's profits.

The company, formed by the merger of Siemens' wind power unit with Spain's Gamesa, said it had agreed with Sembcorp Energy India SEBM.NS , the Indian energy arm of Singapore's Sembcorp Industries SCIL.SI , to build a 300 megawatt wind park.

Along with the turbines, Siemens Gamesa will also provide operating and maintenance services for the planned farm, to be located in Gujarat state, western India, which is planned to be commissioned in April 2019.

"This contract marks a landmark in Siemens Gamesa's strategy in India on account of both the size of the project and the technology selected," said Ramesh Kymal, who heads Siemens Gamesa's Indian onshore division.

"Moreover, it sends a very positive signal regarding the market's momentum and shores up our confidence in its full recovery."

Similar to other markets, India, the world fifth-largest wind power market, has undergone a shift away from subsidies and towards more competitive auctions, which led to a decline in volumes and also hurt Siemens Gamesa's business last year.

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