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ABB India has secured an order worth ₹173.5 crore from Siemens Gamesa Renewable Power in Chennai. The stock ended flat in Friday’s trading session.
The deets: the order is for manufacturing and supplying wind turbine converters. It covers 3.X turbine converters and electrical cabinets on a build-to-print basis, executed from ABB India’s Nelamangala facility.
Why it matters: the order from Siemens Gamesa represents a strategic win for ABB India, potentially offsetting some of the financial challenges observed in recent quarters. The deal also positions the company well within the renewable energy sector, signalling favourable prospects for future growth and stability.
Zoom out: India has set its sights on net-zero emissions by 2070, with interim goals of achieving 500 GW of renewable energy capacity by 2030. India’s renewable capacity has already expanded from 78 GW in FY2014-15 to 199 GW in FY2023-24, with solar contributing 80% of the new additions.
