Vestas Wind Systems A/S Denmark transfers share

Chennai, Sept 5 (UNI) Vestas Wind Systems A/S Denmark, a global leader in wind power, has announced a plan to transfer the company's share of 49 per cent of the joint venture with India-based RRB Consultants Pvt Ltd.

With this, the joint venture company 'Vestas RRB India Pvt Ltd' would become a wholly-owned Indian company.

Vestas entered Indian market through an equity partnership with RRB Consultants more than a decade ago. The Vestas RRB India had been manufacturing and marketing wind turbines of 225 KW and 500 KW with the technological know-how from Vestas Wind Systems A/S Denmark, a company release said here.

Post exit, a cooperation agreement between the two would facilitate Vestas RRB to continue manufacture and market lower capacity turbines for which they already had Vestas technology on hand.

Vestas would continue to be represented in India through its 100 per cent subsidiary NEG Micon India Private Ltd. NEG Micon had been manufacturing and marketing both the 750 KW and 1,650 KW turbines and would continue its focus on higher capacity turbines in line with Vestas global policy, the company added.

NEG Micon (India) Ltd would change its name to Vestas (I) Pvt Ltd after obtaining the necessary approvals.

Vestas Asia Pacific President Thorbjorn Rasmussen said the decision to transfer the 40 per cent share in the joint venture took time as the company wanted to ensure that both parties amicably settled all related issues.

The repositioning of the two partners to the venture was done in a friendly manner to ensure that the business interests of both parties were protected, he added.

The company announced that the present management under Managing Director Ramesh Kymal would continue to run the wholly owned Indian subsidiary of Vestas namely NEG Micon (India) Pvt Ltd.

UNI AKN VV 1919