After making significant improvement in the financials India’s Suzlon Energy is looking to increase its market share substantially and take back the leadership position.
Suzlon Energy Chairman Tulsi Tanti, while interacting with an Indian media outlet, said that the company plans to increase market share in the Indian wind energy market to 40% this financial year, up from 26% in the previous financial year.
The company seems to be exulting such confidence after it financial position improved significant in the last quarter of previous financial year. The company reported its first profit in three and a half years in the quarter ending March 2016.
Suzlon Energy, once the leader in India’s wind energy market, lost its sheen following an expensive acquisition of Europe’s offshore wind energy company REpower (later named Senvion) in 2009. Suzlon sold the company last year.
Suzlon lost significant market share to emerging companies in the sector like Gamesa India and Inox Wind. Gamesa India has been leading wind turbine manufacturer for the last 3 years.
The Indian government has set a target to have 60 GW operational wind energy capacity by March 2022. Suzlon Energy may thus be looking to take a significant share in the upcoming capacity addition. The company installed a fourth of the 3.4 GW installed last financial year. It expects to increase this share to 40% with total estimated capacity installation of 4.4 GW in this financial year.