The JV has received orders worth $65 million from three companies to provide solar power equipment.The joint venture company, Manz Automation India Private Ltd, will market the high technology solar energy equipment and provide technical support for generating power through renewable and clean means.“The JV has the option of local manufacturing,” Indian Managing Director Ajay Chauhan said. The Indian JV is expected to have a turnover of $317 million in the current financial year. “We have received orders worth euro 50 million from three companies, Tata BP Solar, Moser Baer and Solar Semiconductors,” Ajay added.Manz Automation manufactures automation equipment, cell testers, wafer testers and back-end printing lines for the crystalline silicon solar cells. The cost of photovoltaic cells and other equipment is much higher than the conventional sources of energy. Once the “grid parity (cost equalization) takes place,” the sector will see a boom, said Dieter Manz, Manz Automation president and chief executive officer.
Revenue triples
Despite the financial crisis, the parent company Manz Automation AG was able to significantly increase both its revenues and earnings in the first nine months of the fiscal year, tripling its revenue figures to $159.1 million. The solar division significantly drove the growth, with revenues of $88.81 million, compared to last year’s $32.64 million.“We are very happy with our successful business growth. The integration of the companies that the Manz Group has acquired is progressing right on schedule. The capital increase has provided us with very solid financing, with the result that we will be able to benefit from growth opportunities on up-and-coming markets, such as the United States, Arabian countries and India, thanks to our reinforced position,” Manz added.Uday Lal Pai,
[email protected], is a freelance journalist based in India
Manz Automation AGhttp://www.manz-automation.com/statisch/english/home/index.htm
