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Sunday, 24 November 2024

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Dubai Group acquires 40% share in India’s Chiranjjeevi Wind Energy

 

Dubai Group the diversified financial services company , a part of Dubai Holding has recently announced that it has purchased a 40% stake in 25 in Chiranjjeevi Wind Energy of India.


Dubai Ventures made the investment, however this is part of the Dubai Investment Group which inturn is a subsidiary of Dubai Group. The Dubai Investment Group is hoping to build a diversified portfolio of assets in renewable energy and has already nvested in biomass, hydroelectric, biofuels and wind farms. These investments have been concentrated in Asian countries such as India, Indonesia, China and Malaysia. CWEL has already installed over 150 wind turbines in its domestic market and is looked to open up more. Recently it signed up with Frisia GmbH to acquire design, technology and intellectual property right for a 850 KW wind turbine, in addition it also signed an agreement for transfer of technology with EUROS with regards to rotor blade manufacturing

Abdulhakeem Kamkar, Chief Executive Officer of Dubai Investment Group, said: “We are pleased to partner with India’s CWEL as part of our continuous commitment to finding solutions towards a better future. 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”.

R.V.S Marimuthu, Chairman and Managing Director of Chiranjjeevi Wind Energy, said: “We are overwhelmed by the interest of Dubai Investment Group, which acknowledges our company’s unique strengths. This has enabled us to create a platform for organic growth initiatives and compete globally.”

For additional information:

http://cwel-windenergy.com/



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