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German wind turbine maker Senvion to sell India operations
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SME Times News Bureau | 07 Apr, 2020
Insolvent German wind turbine maker Senvion GmbH has finally decided to
exit India operations by selling its local manufacturing operation to a
strategic investor.
The company on Tuesday announced that it has
entered into a binding agreement with a strategic investor to sell and
transfer its fully operational Indian entity.
This is further to
company's announcement last year where Senvion India was made an
independent entity to manufacture, supply and operate Senvion turbines.
"The
parties have now entered in the final closure stage where legal
documentations and agreements are being discussed. We expect, subject to
any regulatory approvals, the transaction to close before June 2020.
Further details will be published in due course," the German turbine
maker said in a statement.
Thorsten Bieg, Partner at GA-RG who
joined the Management Board of Senvion GmbH as a restructuring expert,
said: "This is a positive outcome for our Indian entity to find a safe
harbour and continue to serve one of the largest Renewable Energy
market. We have started working towards an earliest closure and transfer
of the Indian business to the new shareholders."
"As announced
earlier, Senvion India is fully independent entity of Senvion GmbH. Now,
we have also signed legally binding agreements to transfer the relevant
Intellectual Property and knowhow to Senvion India, which will be
effective upon the closure."
Senvion India makes 85 per cent of
its turbines in India and has created over 1,000 jobs directly and
indirectly. "We will continue to provide world class wind energy
solution to projects in India. Looking ahead to the weeks to come, the
management team will continue to put all efforts in concluding the
transaction at the earliest," Amit Kansal, CEO & MD of Senvion
India, said.
Senvion India has been operational since 2016 and
has a fully manufacturing set-up in India along with full end-to-end
delivery of Turnkey solutions and after-market service. It has localized
its turbines upto 85% thus creating jobs in India and opportunity to
ancillary industry related to wind power.
Senvion recently
installed a prototype of its 130m rotor turbine which is one of the
finest technologies for Indian wind regime. Senvion has as a world class
R&D centre in India, which will serve the emerging Senvion India
independent entity to develop and deploy new and future technologies.
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