Business Standard: November 16, 2016
Mumbai: Wheels India Ltd, a part of TVS Group and one of the leading suppliers of wheels to commercial vehicles, has tied up with Spanish firm Fluitecnik SA for manufacturing hydraulic components used in wind turbines. “The company has entered into a technology transfer agreement with Fluitecnik SA, Spain for the manufacture of hydraulic components for supply to wind mill manufacturers in India,” said Wheels India in a BSE filing yesterday.
Fluitecnik, which designs and manufactures custom solutions for wind turbines from 0.5 MW to 7 MW, specialises in hydraulic pitch systems, hydraulic braking systems, cooling systems, lubrication systems and specialty components.
Wheels India, which produces energy equipment parts at its Padi (Chennai, Tamil Nadu) facility, supplies components to wind equipment manufacturers such as Vestas, Gamesa, ReGen Power Tech, etc.
Last fiscal, while the company struggled to grow its business from thermal power equipment market due to the financial stress in the sector, the demand for its components from the wind equipment segment witnessed a robust growth. The company expects the prospects for the energy component business to remain strong with increased windmill installations in the country, following a renewable energy friendly environment. Hence, experts believe that Wheels India wants to augment its product portfolio for renewable energy sector. The tie up with Spanish firm Fluitecnik is part of this strategy.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.