New Delhi: Alfanar, a Saudi Arabia-based manufacturer and trader of power equipment, on Thursday said it has acquired wind turbine manufacturer Senvion India from Senvion GmbH.
With this 100 per cent acquisition, the Saudi firm has entered into India’s energy sector.
According to the press release, the deal will strengthen Alfanar’s position in India’s renewable energy space. “Through this acquisition, Senvion India will provide full engineering, procurement, and construction and operation and maintenance solutions for wind power projects to customers in India,” it added.
The acquisition was made through Global Renewable Energy Development Holding Company (GREDHCL), an investment vehicle set-up by the promoters of Alfanar.
“Alfanar’s investment in Senvion India is a start towards the goal to be a major player in Indian energy sector through its services in the fields of renewable energy and grid substations. India is a very strategic market for Alfanar…,” said Jamal Wadi, managing director (MD) of GREDHCL and president of Alfanar’s energy and renewable business.
Amit Kansal, chief executive officer and MD of Senvion India, said that with Alfanar, the company plans to scale-up its operations. He added that Senvion has already localised 85 per cent of its turbines in India.