Published: 06 March 2005 06 March 2005
EU Energy plc has announced that it has entered into a joint venture with Shriram EPC Ltd (the engineering and wind energy arm of Shriram Group, a major Indian finance group based in Chennai India) for the acquisition of DeWind GmbH, manufacturers of quality wind turbines. The Joint Venture has submitted an offer to FKI plc, the present owners. Final completion is subject to contract and due diligence. The acquisition will assure the continuance of the DeWind brand in the wind turbine industry and open the burgeoning Indian wind energy market to DeWind turbines, which will be used extensively by Shriram EPC in their new wind farms. Shriram at present manufacture a 250kW wind turbine, and the DeWind turbines will sell alongside and broaden Shriram’s market penetration. A sales and service division will be set up in India. The joint venture will also be entering the wind farm market with the intention of setting up wind farms throughout Europe. It is their intention to maintain the company operations in Lubeck, Germany.