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Powergear enters into a merger  

Powergear has created a merger with Gestamp Wind Steel, the Spanish wind power company for developing wind towers near Chennai which will have an investment of about Rs.150 crore. The merger company, Gestamp Powergear Windsteel Ltd will be creating a 20-acre Greenfield manufacturing facility in Sricity, Chennai. It will also start a commercial production during the last quarter of the fiscal year. In the merger company where Gestamp has a majority stake will be aiming to set up 400 towers during 3 yrs period to make sales of Rs.500 crore during its 3 years of operation.

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