December 02, 2008

Dubai Group acquires 40% stake in Chiranjjeevi Wind in India

Dubai Group has acquired a 40% stake in India based Chiranjjeevi Wind Energy Limited. The investment was made by Dubai Ventures, the equity investment company of Dubai Investment Group.

Dubai Group and Chiranjjeevi Wind Energy Limited will jointly explore the possibility of setting up wind farms in other regions, especially in West Asia and Africa.

Chiranjjeevi Wind Energy has recently signed a MoU with German company Frisia GmbH for acquiring the entire design, technology, intellectual property of 850 KW wind turbines, and with Euros for transfer of technology to manufacture rotor blades. It has already installed over 150 wind turbine machines in India.

Chiranjjeevi Wind Energy have also received a USD 25 million order from India Globalization Capital Inc for setting up a 24 MW wind farm in Karnataka. It will operate and maintain the wind energy farm, which is expected to be operational by 2009.