Crompton Greaves in the green

Crompton Greaves is in the green today, presently trading at Rs.201 levels, up almost 2.5%. It had hit a 52-week high at Rs.219.25 on 11th June.

The company is reacting to the news that the company, along with other consortium partners Fabricom and Iemants, has been selected by Van Oord, for the offshore wind project `Gemini' in the Netherlands.

As per the deal, Crompton Greaves would design, deliver and install two high voltage (HV) offshore substations and 1 HV onshore substation.  The total value of this order for the consortium is around €150 million. Of this, Crompton’s order is around 30% of the overall contract.

The project is expected to start in the second quarter of 2014, and to be completed in 2016.

The company, in its Press Release has stated that the Gemini project consists of two offshore wind farms – of 3000 MW each and both together they would produce electricity for over 785,000 households which equals a reduction in emissions of 1,250,000 tonnes of carbon dioxide.