India based Sterling Infotech Group invests Euro 20 Million into Finnish wind turbine company Winwind Oy

29.8.2006

India's Sterling Infotech Group (SIG) through its Mauritius company, Avis Ventures Limited has made a Euro 20 Million capital investment into Finnish wind turbine company Winwind Oy. SIG becomes Winwind's largest individual shareholder with 40 % ownership. The transaction also includes a small acquisition of shares from existing shareholders. Until now Winwind has been a subsidiary of environmental technology company Proventia Group. Proventia will now concentrate in its core environmental technology business. Post transaction the ownership of Finnish shareholders will be 60 per cent.

The main Finnish shareholders of Winwind include environmental technology company Proventia Group Oy, private equity companies Head Invest Oy and Finnish Industry Investment Ltd as well as Mutual Pension Insurance Company Varma and Powest Oy, a subsidiary of power utility Pohjolan Voima.

Winwind has this year experienced rapid growth and turnover is expected to increase to Euro 45 Million for the year ending 2006. Main part of Winwind's production goes to export markets. At the moment the most important export countries include Estonia, Sweden, Portugal and France.

"The 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 long-term focus and commitment to the business enhances Winwind's credibility in the international market place" Mr. Matti Vuoria, the Chairman of Winwind commented.

SIG views Winwind as an excellent platform to create a world leading energy solutions provider. "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." commented Mr.V. Srinivasan, Director of SIG.


Winwind: founded in the year 2000 is engaged in the business of manufacture of 1 and 3 megawatt wind turbines. Winwind turbines have been designed for demanding conditions. The main strengths of Winwind turbines include solidity of technology, high availability and cost efficiency. Winwind turbines provide good energy yield even in moderate wind conditions. Winwind turbines provide lowest production cost as calculated over the life time of a turbine. Winwind' s low speed turbines include integrated power unit that is based on reliable planetary gear and permanent magnets. Winwind offices are located in Oulu and Helsinki and assembly plants in Ii and Loviisa in Finland. The company employs 80 persons and subsidiaries in Portugal, Estonia and China.

Sterling Infotech Group: a diversified global business conglomerate founded in 1988, has over the past decade and a half rapidly grown in size and stature with interests in telecom services and in the high growth / mass consumption food & beverages business. Post the divestiture of its telecom businesses to Maxis in March 2006, SIG has been pursuing investment opportunities in the renewable energy (including fuel ethanol), real estate, engineering & construction and e-governance initiatives both in India and abroad.