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Announcement

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Expansion/Diversification Plans of the Company

The Wind Energy Sector in India has been passing through a rapidly changing environment during the last few years, mainly due to the transition from Feed in Tariff(FiT)regime to an Auction based competitive bidding regime. Besides this, the Wind Energy Sector has also seen changes with regard to preference of Wind Turbines models, especially MW class Wind Turbines are in great demand.

The changes, as above, have called for a new Business Model, suiting the current regulatory and business requirements. The Company has been conscious of these developments and keeping in line with the market requirements is focussing on manufacturing of MW class Wind Turbines which are based on state-of–the-art technology that can face the competition. In addition, the Company has also planned to consider to diversify to new areas like Solar EPC Projects, Electric Mobility, Battery Storage Solutions etc.

The new plans of the Company will not be implementable from the existing manufacturing facility of the Company, since higher capacity Wind Turbines call for developing a new production facility in order to meet requirements of a bigger manufacturing base with specified strength of the building and flooring. Therefore the Company is in the process of re-locating its production facility in a phased manner to a new location.