Dubai: Dubai Investment Group, the financial services arm of Dubai Holding, on Sunday said it has acquired a 40 per cent stake in India’s Chiranjjeevi Wind Energy Ltd (CWEL), a wind turbine manufacturer.
The investment was made by Dubai Ventures, a subsidiary of Dubai Investment Group.
Dubai Investment Group chief executive Abdul Hakeem Kamkar said, “The world we live in, is greatly impacted by global warming and we believe endorsing a project on renewable energy alternatives is the step in the right direction for mitigating environmental degradation”.
“While CWEL will have a strong base in India, we intend to explore, along with CWEL, other regions specially Middle East and Africa, where there is potential to set up wind farms,” he added.
CWEL has recently signed a memorandum of understanding with two German companies - Frisia GmbH - for acquiring the entire design, technology, intellectual property of 850-kilowatt wind turbines, and - EUROS for transfer of technology to manufacture rotor blades.
CWEL has already installed over 150 wind-turbine machines in India.