Vadodara: Alstom Projects India Ltd, a unit of Europe-based Alstom SA, said on Tuesday that it has won a Rs460 crore order for a hydroelectric project in Andhra Pradesh.

Six units, each generating 40MW, will be built for the Andhra Pradesh Power Generation Corp., Alstom Projects said in a statement. The project will be completed in the next five years, it said.

The company also said it will invest about €650 million (Rs3,939 crore) in research and development in the hydropower sector in the current financial year.

Eyeing Asia: A file photo of Philippe Joubert, president of Alstom’s power unit. He hopes to make Asian buys in the next one year. F. Carter Smith / Bloomberg

Meanwhile, Alstom Hydro, a unit of the French company, said it will go for a “lean" manufacturing approach in the wake of the global slowdown and meet its order from the existing capacity of 6,400MW.

“However, all our projects have achieved financial closure," said Philippe Cochet, president, Alstom Hydro.

He said the company is looking at opportunities in the wind energy sector in the country.

The company also expects the Asian power generation equipment market to contribute 60% of the world orders from the current 50%.

On Monday, Alstom formed a joint venture company in power with auto component maker Bharat Forge Ltd. The venture will set up a manufacturing facility with an annual generating capacity of 5,000MW.

Alstom SA is also looking to buy some of its parts suppliers and makers of equipment for solar, wind and biomass energy in Asia as demand for non-fossil fuels soars. The firm expects to make the acquisitions in the next one year, Philippe Joubert, president of the company’s power systems unit, said in an interview in Vadodara on Tuesday, without giving financial details.

“For sure, in a matter of a semester or one year, Alstom will have a good opportunity to buy," Joubert said.

(Utpal Bhaskar and PTI contributed to this story.)