Italian boiler company to source components from India
By IANSTuesday, July 6, 2010
CHENNAI - Italian Ansaldo Caldaie and GB Engineering based in Tiruchirapalli have once again joined hands to make critical boiler components for domestic and global markets.
The two boiler manufacturers have floated a joint venture company, Ansaldo GB Engineering Pvt Ltd, and the total investment in the venture is estimated to be around Rs.100 crore.
“The joint venture plant will make pressure parts for boilers made by Ansaldo Caldaie in India. The plant will have a capacity to make pressure parts for two 660 MW boilers or parts using 10,000 tonne of steel,” B. Pattabhiraman, managing director of GB Engineering told reporters here Monday.
The Tiruchirapalli-based company has hived off one of its three units in favour the joint venture in which both the parties will hold equal stakes.
The hived off unit will be further modernised and expanded, he said.
“Our idea is to use the new joint venture plant to make pressure parts for Ansaldo Caldaie’s Indian and global needs. It makes economic sense to source from India. The quantum of exports are yet to be decided,” A. Manjunath, managing director, Ansaldo Caldaie Boilers India, told IANS.
He said Ansaldo Caldaie Boilers will submit its bid for the mega NTPC contract for bulk supply of supercritical boilers and the new joint venture will come in handy if the company bags some orders.
For the Rs.120-crore turnover GB Engineering, this is the second joint venture with Ansaldo Caldaie. The first one is Ansaldo Caldaie Boilers India where it holds around 15 percent.
“Our stakes in Ansaldo Caldaie Boilers will come down further as the joint venture partner is planning to infuse additional funds,” Pattabhiraman added.
