In order to overcome the shortage of energy supply in the country, installed capacity of Indian power plants needs to increase substantially in the coming years. India is therefore, one of the fastest growing energy markets in the world. The Indian and Asian markets are very promising in the context of long-term strategic development, opening up significant opportunities for investors and suppliers in the power sector.
In this scenario, PTC has always focused on this area and has been a supplier of choice for many manufacturing companies in power. PTC's efforts towards expansion of its activities and presence in this area have led to a decision to establish a manufacturing joint venture in India with Modrany Power, a.s. a leading Czech producer and supplier of piping systems for the power industry. The joint venture
MODRANY POWER & PTC PIPING SYSTEMS PRIVATE LIMITED is expected to start production of medium-pressure and low-pressure piping components in first half of 2015. Production facilities shall be set up in Lucknow, Uttar Pradesh.
The official signing ceremony of the joint venture agreement took place at a meeting of Czech and Indian companies operating in the area of water and energy sector. The meeting was organized on the occasion of the exhibition PowerGen by the Czech Embassy in New Delhi. Signing of the agreement with the attendance of His Excellency Ambassador of the Czech Republic in India, Mr. Miloslav Staek became the highlight of the evening.
Both JV partners have extensive experience in the energy engineering and the establishment of joint venture will allow an interchange of experience and help to contribute to a substantial increase in the competitiveness of the complex supplies to Indian and other Asian markets. The joint venture will manufacture substantial part of products in India and participate in tenders for the construction of new conventional and nuclear power plants in India. In the coming years, the newly formed joint venture will also serve as a manufacturing base for supplies of power related products to third countries.