In Europe, authorities are trying to avert a mega energy crisis as Russia halts gas deliveries indefinitely. This, some firms in India, believe would help boost their business. One such firm is TD Power Systems.
“We are seeing a positive effect of the crisis in Europe,” said Nikhil Kumar, Managing Director at TD Power Systems.
“It is a very positive outlook for us from the European market because there is energy crisis, there is a shortage of electricity in the market and there is a big push now towards renewable sources. So investments are accelerating in this sector and we are seeing a huge increase in the enquiry pipeline as well as order for this year,” he added.
The company is well positioned in this market to get a good chunk of additional business, Kumar said.
In terms of the business in Turkey, he said that the Turkish economy is in a bad shape. “There is no way that they can make investments in the country for power plants because most of the investments that took place in the past are with foreign currencies and with its currency depreciating so rapidly, there is no way that any person who takes a loan in foreign currency can pay back. The market has come to a complete standstill in Turkey,” he said.
TD Power Systems is examining options of having a very skeletal workforce over there or closing down for some time and then waiting until things get better.
Kumar is hopeful that the Turkey market will eventually recover but it may take another two-three years given the current situation. The company will do Rs 25 crore of business in Turkey for the current fiscal year. “But we are not taking any fresh orders for next year,” he added.
For the full interview, watch the accompanying video