The Sterling Infotech Group has announced its foray into renewable energy space with an acquisition of 40% of the paid-up share capital of Finland-based WinWinD.
WinWinD supplies 1MW and 3MW 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. The acquisition involves infusion € 20 million into WinWinD for a 36.36 per cent stake with the balance 3.64 per cent 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.