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Dubai: Dubai Group, the leading diversified financial services company of Dubai Holding, on Sunday said 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. Neither companies revealed the value of the deal.
Dubai Investment Group, which aims to build a diversified portfolio of assets in renewable energy, has made focused investments, thro-ugh its subsidiary Dubai Ventures, over the past two years in the renewable energy sector across Asia.
Potential
Abdul Hakeem Kamkar, chief executive of Dubai Investment Group, said, "The world we live in is greatly impacted by global warming and we believe endorsing a project on renewable energy alternatives is the step in the right direction for mitigating environmental degradation. While CWEL will have a strong base in India, we intend to explore, along with CWEL, other regions specially Middle East and Africa, where there is potential to set up wind farms".
CWEL has recently signed a Memorandum of Understanding with two German companies - Frisia GmbH for acquiring the entire design, technology, intellectual property of 850-kilowatt 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 $25 million order from India Globalisation Capital, for setting up a 24-megawatt wind farm in Karnataka, India. CWEL has also been mandated to set up wind farms for generating up to 260-megawatt by Karnataka Thermal Power Corporation Ltd.
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