had established the
Financial Services division in the year 1990 to effectively deploy and leverage
the financial resources of the company. The division performed extremely well and
its assets grew rapidly. The Windmill Division was formed in late nineties to harness
the wind energy for captive consumption of Bharat Forge and other group companies.
The total capacity of this project is 18.33 MW. However, with a view to concentrate
on the core activity of Forging and also for financial restructuring and better control
over operational efficiencies, the Financial Services and Wind Mill Divisions were de
merged by Bharat Forge into BF Utilities in the year 2001.
Future Prospects of Wind Energy in India vis-a-vis benefits to the Company / Kalyani Group
In India there has been upsurge for the development of Non-Conventional Energy projects
since last five years. With the likely depletion of fossil fuels it has been necessary for
all of us to depend more and more non- fossil fuel based energy. This will also help Kalyani
group in giving thrust to encourage green Power development and reduce the emission of Green
House Gasses (GHG). In India has of March 2001 there are 1300 MW capacity wind power projects.
India has the fifth position in the world. Wndmill project of total 190 MW capacity are set up
in Maharashtra and is likely to cross 400 MW by the coming year-end with the ranking of Second
amongst all the states in India. With the Government of India's proactive policy and also with
the support of State Government by introducing incentive schemes, Kalyani group has decided for
setting up Wind Power Projects. Kalyani group would rank among the top five in Maharashtra
With Kyoto Protocol and subsequent deliberations on the subject, additional benefits for Green
Power Development Projects such as Windmill are expected for countries like India to offset the
mandatory reduction of the emission of GHG Gases by the developed countries. The Certificate of
Clean Energy Development Mechanism (CDM) issued to a Green Power Project in one country could be
traded with another countries. The mechanism for such trading is being worked out at various levels,
which will set the necessary policies and procedures. Kalyani Group will benefit from such mechanism in future.