Dubai, Apr 28: Dubai's leading diversified financial services company, Dubai Group today said it has acquired 40 per cent stake in India's Chiranjjeevi Wind Energy Limited (CWEL).
The investment, was made by Dubai Ventures, the equity investment company of Dubai Investment Group, a subsidiary of Dubai Group. Neither companies have 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, through its subsidiary Dubai Ventures, over the past two years in the renewable energy sector across Asia.
''While CWEL will have a strong base in India, we intend to explore, along with CWEL, other regions specially West Asia and Africa, where there is potential to set up wind farms,'' chief executive of Dubai Investment Group, Abdul Hakeem Kamkar told Gulf News.
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.
The company has already installed over 150 wind-turbine machines in India.
CWEL recently received a 25 million dollar order from India Globalisation Capital, for setting up a 24-megawatt wind farm in Karnataka.
CWEL has also been mandated to set up wind farms for generating upto 260-megawatt by Karnataka Thermal Power Corporation.