Madrid, December 13, 2012.- GONVARRI STEEL INDUSTRIES Holding consolidates in India in wind power sector through two projects funded by COFIDES. With this purpose, GONVARRI STEEL INDUSTRIES and COFIDES have reached an agreement whereby COFIDES will bring 6.515 million euro for the acquisition of an Indian company engaged in the manufacture and installation of wind towers and a loan of 3.25 billion euro to expand its productive capacity.
The financing offered amounts to 9.7 million euro trough the Fund for Investments Abroad (FIEX), which manages COFIDES exclusively for the Ministry of Economy and Competitiveness via the Secretariat of Commerce.
Thereby, Gonvarri reinforces its activities in wind energy in India, a country which in 2011 occupied the fifth position in installed capacity in the sector and with a projection on the rise.
Salvador Marín expressed the wish that with this new project the holding will be able to strengthen its position in Spain. "We are confident that this new project will contribute to increased GONVARRI STEEL INDUSTRIES productivity and competitiveness, which is one of the priority targets of COFIDES to support the economic growth of companies and our country.
GONVARRI STEEL INDUSTRIES Holding is the parent company of a group of companies engaged in manufacturing, processing and marketing of steel products, with applications in the automotive, construction and industrial. In renewable energy, it operates both in the manufacture of components for solar towers and structures for photovoltaic and solar thermal in several countries, among which are Brazil, Turkey, China and the U.S..
COFIDES is a combined private-public concern, which for the past 25 years has provided financial support to Spanish enterprises abroad. COFIDES administrates FIEX and FONPYME funds, dependent of the State Secretariat of Commerce, within the Ministry of Economy and Competitiveness. The stockholders also include the participation of Bilbao Vizcaya Argentaria (BBVA), Banco Santander and Banco Sabadell.
