Dubai Group acquires 40 per cent stake in India’s Chiranjjeevi Wind Energy
Posted on April 28, 2008 – 8:36 am | by vchris
Dubai Group, the leading diversified financial services company of Dubai Holding, announced Sunday that it has acquired a 40 per cent stake in India’s Chiranjjeevi Wind Energy Limited (CWEL), a wind turbine manufacturer in India. The investment, which was made by Dubai Ventures, the equity investment company of Dubai Investment Group, a subsidiary of Dubai Group.
Dubai Investment Group, which aims to build a diversified portfolio of assets in renewable energy, has made focused investments, through its subsidiary Dubai Ventures, over the past two years in the renewable energy sector across Asia, with exposure in direct renewable energy sources and upstream producers of raw material used in renewable energy.
CWEL has recently signed a memorandum of understanding with two German companies - Frisia GmbH for acquiring the entire design, technology, intellectual property of 850KW wind turbines, and EUROS for transfer of technology to manufacture rotor blades. CWEL has already installed over 150 wind-turbine machines in India.
CWEL recently received a US$25 million order from India Globalization Capital, Inc. for setting up a 24MW wind farm in Karnataka, India. The company will operate and maintain the wind energy farm, which is expected to be operational within a year. CWEL has also been mandated to set up wind farms for generating up to 260MW by Karnataka Thermal Power Corporation Ltd (KTPCL), a Government of Karnataka undertaking.
Dubai Investment Group’s investments in renewable energy include: China: Biomass power plants, waste-to-energy plants, soya bean oil producer, as well as fertilizer and methane gas producers.
China and the Philippines: hydroelectric power plants.
Malaysia and Indonesia: it holds stakes in crude palm oil and kernel oil plantations ? Malaysia: the group recently invested in bio-diesel and glycerine producers in Malaysia Indonesia: it invested in ethanol (sugar cane) producers.
Source: WAM
ISSUERS OF NEWS RELEASES AND NOT OILANDGASPRESS.COM ARE SOLELY RESPONSIBLE FOR THE ACCURACY OF THE CONTENT
www.oilandgaspress.com - The ‘one stop shop’ for global Oil and gas press releases!!!
Tags: Chiranjjeevi, Dubai Group, Dubai Ventures, Energy, india, Wind
You must be logged in to post a comment.