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Industry News
India NewsIndia wind power draws global majorsIt’s the latest and among the fastest growing sectors within global energy today, and has already made its presence felt in India.A long coastline, low installation costs and ready local availability of key raw materials have all made India a favourite destination for offshore wind power, with global majors such as Areva, Siemens and GE queuing up to explore opportunities in the country. High-profile investors such as Vinod Sethi, private equity major Blackstone and new clean technology funds have already invested in offshore wind energy companies planning for India, as this sector is expected to offer electricity tariffs at 40% less cost than that from traditional sources. “Offshore wind is the new growth area and has immense opportunities in India due to cheaper costs,” Areva Renewables global CEO Anil Srivastava told ET.“Faster project building time and lower costs will make it an attractive option in India,” he said, adding that his company was currently studying the possibilities for such a venture in India.
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