Ireland’s Treasury Holdings to pick 26% in GI Power for Rs 70 cr
Irish real estate and wind energy major Treasury Holdings is picking up 26% in the Anil Nanda-promoted green energy venture, GI Power, for Rs 60-70 crore. GI has wind farms in Madhya Pradesh and Karnataka and generates 25 mw currently, but plans to hike capacity to 100 mw by next year.
It is not clear if Treasury Holdings is directly investing in GI Power or plans to do that through its subsidiary Eco Wind Power, one of Ireland’s most successful privately-owned property companies formed to capitalise on major opportunities in the renewable energy.
GI Power chairman Anil Nanda, confirmed the development, but declined to go into the details. “Green energy has a great potential,” he told ET. “India has a demand for almost 45,000 mw of wind energy, but a piffling 4,000 mw is in place today.”
GI Power was promoted by Nandas about seven years back, but remained on the back-burner till two years back when it was revived. Apart from production, GI is also looking at backward integration into wind turbine assembly.
“There’s a clear shortage of wind turbines in India, so we want to enter that space,” Mr Nanda said. GI is currently in talks with a few manufacturers for the import of completely knocked down turbines. “We plans to assemble them and market it in India.” The project would take off early next year, he said.
Anil Nanda who parted ways with his brother, Rajan Nanda a few months back, is now locked in a legal battle with the latter for the control of Escort Heart & Research Institute. The younger Nanda is currently busy building his new business — The Anil Nanda Group or TANG — after selling off controlling stakes in auto components company, Goetze, to US-based Federal-Mogul.
TANG has identified, green energy as one of the big businesses apart from real estate, healthcare, garments and e-learning. While the Group’s real estate foray is being spearheaded by its subsidiary, Akme Projects, Life Sciences Development Corp (LSDC) will mark its entry into the healthcare space.
Akme Projects has already developed 2 million sq ft of residential space. It is now working on projects which include, 100-rooms boutique hotel in Bangalore, 83-acre township near Ludhiana apart from another 200-acre project in Punjab.
TANG will soon enter healthcare space with its subsidiary, LSDC beginning lease and management of medical equipments. Meanwhile, Mr Nanda is also expanding his garment exports business, Gossini Fashions and his e-learning company, La Vis
ion Animation.
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