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Germany’s Senvion to Sell its Indian Wind Turbine Manufacturing Entity

The company, which is a specialist in the offshore business, has entered into a binding agreement with a strategic investor to sell and transfer full ownership of Senvion India. However, the company didn’t disclose the name of the investor but hinted that it is a world-wide industrial conglomerate with strong EPC capabilities.

As per the binding agreement, the company will transfer all of its assets like factory, personnel, installed base and currently ongoing project including complete knowhow and I/P relevant for the India market, to support ‘Make in India’ strategy.

Speaking on the development, Dr. Thorsten Bieg, Partner at GÖRG who joined the Management Board of Senvion GmbH as a restructuring expert, said that “this is a positive outcome for our Indian entity to find a safe harbour and continue to serve one of the largest renewable energy markets. We have started working towards an earliest closure and transfer of the Indian business to the new shareholders.”

The move is further to the company’s announcement last year, where Senvion India was made an independent entity to manufacture, supply and operate Senvion turbines.

“As announced earlier Senvion India is a 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,” Dr. Bieg added.

Now, both the parties have entered into the final closure stage where legal documentation and agreements are being discussed.

Source
saurenergy
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