MaxWatt Turbines enters into JV with TGM
Bangalore-based MaxWatt Turbines has entered into a cooperation agreement with TGM Turbinas, Brazil and its joint venture company TGM Kanis Turbinen to manufacture TGM range of steam turbines in India. The tie up will see both the partners jointly introducing TGM Turbines in 8-20 MW rating in India.
Initially for a few projects, TGM will supply turbines from its manufacturing facility in Brazil, while MaxWatt will source AC generator and electricals and other turbine accessories locally and undertake sales management, projects engineering and contract management.
Venkatesh, Managing Director, MaxWatt Turbines, said: “We are extremely bullish about the new JV as there is immense market potential for steam turbines in India. With our partners, having rich experience in turbine technology and an efficient product range, we will be able to deliver great product to our esteemed customers across India.”
TGM Turbinas and TGM Kanis Turbinen will provide proposal and sales support, project engineering support, after sales support and training of MaxWatt team on TGM turbines.
“Maxwatt Turbines was a natural choice for forging a JV in India as they have years of experience in understanding of Indian market. Together we are excited to explore opportunities in one of the fastest growing economy of the world,” said Dr. Tibor Ammann, Managing Director, TGM Kanis Turbinen GmbH.
They look to set up a joint venture company in future which will be owned by MaxWatt and TGM Turbinas along with TGM Kanis Turbinen. The new JV Company will then start manufacturing turbines locally and expand its product portfolio to cover the entire product range. In less than 8.0 MW capacity MaxWatt will continue to offer its own range of steam turbines.