German wind turbine maker Senvion SA has agreed to acquire the assets and services business of Kenersys India Pvt. Ltd, part of Kalyani Group, as the company previously owned by Suzlon Energy Ltd looks to expand in the country.
Senvion will get access to the wind turbine nacelle production facilities in Maharashtra's Baramati, complete product portfolio suite, wind turbine inventory and the service operations of Kenersys as part of the acquisition, the company said in a statement.
The company did not disclose the deal value but said it will complete the transaction with existing cash on its balance sheet.
Senvion was previously known as REpower Systems. In January 2015, Suzlon sold its entire stake in Senvion to US private equity firm Centerbridge Partners LP for up to $1.2 billion, or Rs 7,560 crore.
Kalyani Group, led by chairman Baba Kalyani, is an industrial conglomerate based in Pune, Maharashtra. It has business interests in sectors such as engineering, auto components and defence manufacturing, and operates Bharat Forge Ltd, India's largest forging company.
Senvion also said the Baramati plant has a capacity of 250 megawatt (MW) and can be expanded. The product portfolio of the acquired assets ranges from 2 MW to 2.6 MW. Senvion also takes over the Indian service operations of Kenersys with total capacity of 220 MW.
The transaction is part of Senvion's strategy to grow in new core markets. Senvion set up a research and development centre in Bengaluru in 2015. In February this year, it added India to its core markets and named Amit Kansal as managing director of its local operations.
"There are two main advantages of this acquisition," said Jürgen Geissinger, CEO of Senvion. "Firstly, we shorten our time-to-market in India rapidly and, secondly, we can build on a strong base to further align the Kenersys products with our existing Indian R&D organization and the well-known technical expertise from our Senvion tech centre in Germany."
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