SIG buys stake in Finnish wind energy firm

Aug 31, 2006, 17:27 GMT

Chennai, Aug 31 (IANS) The Sterling Infotech Group (SIG) Thursday announced its foray into the renewable energy sector with the acquisition of a 40 percent stake in the Finland-based Winwind Oy, a pioneer in the manufacture of wind turbines.

Winwind, a technology leader in the wind energy space, supplies one and three Megawatt wind turbines based on low speed technology. Following this acquisition, SIG intends to tap the rapidly growing European, South America and Asian markets, SIG said in a statement.

'Winwind has the state-of-the-art technology which provides wind power investors with superior returns on their investment,' SIG director V. Srinivasan said here.

'We believe that SIG's in-depth market and business knowledge can bring value beyond the capital investment, especially in the areas of procurement and market development in India and other Asian markets,' he added.

The group has plans for significant investments in the renewable energy and hybrid fuels, to provide a lasting solution to challenges being faced due to the spiralling prices of petro products, the company said.

'The SIG's international network will further accelerate Winwind's growth and value creation potential,' Winwind chairman Matti Vuoria said.

The acquisition involves infusion euro 20 million into Winwind for a 36.36 percent stake with the balance 3.64 percent being acquired from existing shareholders.

Winwind, promoted in 2000, has subsidiaries in Portugal, Estonia and China. It has aggressive plans for new markets like India, Brazil and select markets in the European Union and South America.

SIG, a diversified global business conglomerate founded in 1988, has interests in telecom services and in the food and beverages business.

© 2006 Indo-Asian News Service