Invest in Finland

Sterling Infotech takes major stake in Finnish manufacturer of wind turbines 

04/09/2006

At the end of August, working through its Mauritius-based company Avis Ventures Limited, the India-based Sterling Infotech Group (SIG) made a EUR 20 million investment in WinWinD Oy, a Finnish company manufacturing wind turbines, and became the company's largest individual shareholder with a 40 per cent stake. Finnish shareholders, including Finnish Industry Investment Ltd and the Varma Mutual Pension Insurance Company, hold the remaining 60 per cent.

 According to WinWinD, it is currently experiencing rapid growth and turnover for the year ending 2006 is expected to total EUR 45 million. The majority of WinWinD’s production is exported, with the most important export countries being Estonia, Sweden, Portugal and France. According to a report posted on www.webindia123.com, WinWinD currently has orders for 75 MW of wind turbine generators with a value of approximately EUR 75 million.

 “Superior technology and a strong management team”

 According to a statement, Sterling Infotech views WinWinD as an excellent platform to create a world leading energy solutions provider. V. Srinivasan, Director, SIG, said “WinWinD has superior technology, which provides wind power investors with superior returns on their investment. The company has a strong management team which is capable of delivering value to various stakeholders. We believe that our in-depth market and business knowledge can bring value beyond the capital investment especially in the areas of procurement and market development in India and other Asian markets.”

Matti Vuoria, WinWinD’s chairman, said “SIG’s international network will further accelerate WinWinD's growth. Due to its state-of-the-art product line, WinWinD has excellent possibilities to grow remarkably within the next few years. The participation of a major Indian investor with a long-term focus and commitment to the business enhances WinWinD's credibility in the international market place.”

Good energy yield even in moderate wind conditions

Sterling Infotech Group is a diversified global business conglomerate founded in 1988. Over the last 15 years, SIG has grown rapidly with interests in telecommunications services and the high-growth/mass-consumption food and beverages business. Following divestment of its telecommunications businesses in March of this year, SIG has been pursuing investment opportunities in renewable energy (including fuel ethanol), real estate, engineering and construction and e-governance initiatives both in India and abroad.

 Founded in 2000, WinWinD manufactures one- and three-megawatt wind turbines. According to WinWinD, its products are designed for operation in demanding conditions and provide a good energy yield even in moderate wind conditions. WinWinD has offices in Oulu and Helsinki and assembly plants in the towns of Ii and Loviisa (all in Finland). The company employs 80 people and has subsidiaries in Portugal, Estonia and China.

Further information:

 http://www.winwind.fi/materiaalit/WinWinDPressrelease30082006.pdf

 http://news.webindia123.com/news/Articles/India/20060831/437398.html