Chennai, Aug. 31
Sterling Infotech Group has picked up a 40-per-cent stake in Winwind Oy, a Finland-based wind turbine manufacturer.
According to a press release from Sterling Infotech, the 20-million deal (Rs 119.50 crore) through its Mauritius subsidiary Avis Ventures Ltd makes Sterling Infotech Group the largest shareholder in Winwind.
This acquisition marks the company's entry into renewable energy and hybrid fuels, areas in which it expects to make more investments.
Winwind Oy supplies one- and three-megawatt wind turbines based on low-speed technology. Sterling plans to exploit the rapidly growing markets in Europe, South America and Asia through this acquisition.
The release quoting Mr Matti Vuoria, Chairman, Winwind, said that Sterling Infotech Group's international network will accelerate Winwind's growth. The presence of the Indian investor enhances its credibility in the international marketplace.
The other main shareholders in Winwind are Proventia Group Oy, Head Invest Oy, Powest Oy, Finnish Industry Investment Ltd and Varma Mutual Pension Insurance Company, a large private investor pension fund of which Mr Vuoria is the CEO and President.Winwind promoted in 2000 has assembly plants in Ii and Loviisa, Finland. It has subsidiaries in Portugal, Estonia and China and plans to enter into new markets in India and Brazil.Sterling Infotech Group has interests in telecom services, food and beverages business. It is pursuing investment opportunities in renewable energy, including fuel ethanol, real estate, engineering and construction and e-governance.