Abu Dhabi fund to infuse $174m in Siva arm
Tuesday saw MASDAR, which is basically a fund aimed by the sovereign backed Abu Dhabi Future Energy Company, making an announcement that it has signed an agreement with Finnish wind turbine manufacturer WinWinD, to make a whopping investment of Euro 120 million or $174 million for substantial minority stake.
90% of Finnish wind turbine manufacturer WinWind is owned by NRI businessman C Sivasankaran, the remainder being owned by Finnish Industrial Investment Corp(7%) and the employees(3%). 40% of stakes will be picked by MASDAR through fresh issue of shares and the wind turbine manufacturer will have three board seats of MASDAR.
The manufacturing capabilities of WinWinD's 3 MW turbines in Europe is expected to be increased, through investing money gathered in this exercise, from the present 65 units a year to 160 units a year. Moreover, the construction of the company’s Greenfield Plant, located in Vengal near North Chennai. is also near completion.
V Srinivasan who is the Group chief executive officer of Sterling Infotech said, “We are creating huge capacities in wind energy. The Chennai plant will make 8 nacelles a day and we will invest Rs 375 crore in the plant. It is nearing completion.”
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