German power equipment maker Senvion sells its India operations
Power equipment maker Senvion GmbH has entered into contractual agreements to sell 100 per cent of its Indian operations, Senvion India, to Dubai-based fund GREDHCL (Global Renewable Energy Development Holding Company Limited).
New Delhi, Dec 4 Power equipment maker Senvion GmbH has entered into contractual agreements to sell 100 per cent of its Indian operations, Senvion India, to Dubai-based fund GREDHCL (Global Renewable Energy Development Holding Company Limited).
Senvion had previously ringfenced the Senvion India business, which is a full-fledged Wind OEM (original equipment maker) and in the business of WTG (wind turbine, generator) manufacturing, turnkey EPC solutions with project development, O&M and Asset Management, from its self-administration process.
The transaction envisages the transfer of complete ownership of Senvion India along with all assets such as the factory, installed base of O&M and current ongoing projects, intellectual property rights relevant for the Indian market and its strong 300+ team size.
The acquiring entity, GREDHCL is a fund based out of the Dubai International Financial Centre and subject to regulatory approvals, the sale is proposed to close in Q1-2021, the company said in a statement.
EY acted as financial advisor to GREDHCL and Rothschild & Co acts as financial advisors to Senvion GmbH in this transaction.
Amit Kansal, CEO and MD of Senvion India, said: "Senvion India has been a key participant in the Indian Renewable space since its inception in 2016. Senvion aligned itself to the government goals of localization and Make-in-India at a very early stage and now makes more than 85 per cent of its turbine parts in India thus generating local employment and innovations."
"Senvion firmly believes that Wind Power generation is critical in the energy mix to achieve the 450GW of renewable power by 2030. Senvion India is committed to relentlessly work to develop innovative technologies to attain the goals of delivering competitive wind power."
GREDHCL is a DIFC-UAE based entity that owns and manage multiple businesses in MENA, Europe, UK and Asia in the field of electrical manufacturing, project management & development and O&M services.
Senvion India has been operational since 2016 and has a fully operational factory in India. It has localized its turbines upto 85 per cent thus creating Indian jobs and opportunity to ancillary industry related to wind power. Senvion recently installed its 130m rotor turbine which is one of the finest technology for Indian wind regime.