Senvion GmbH enters into Binding Term-sheet with a Strategic Investor for the sale of its operating entity in India
Senvion GmbH announced today that it has entered into a binding agreement with a Strategic Investor to sell and transfer its fully operational Indian entity. This is further to our announcement last year where Senvion India was made an independent entity to manufacture, supply and operate Senvion turbines.
The parties have now entered in the final closure stage where legal documentations and agreements are being discussed. We expect, subject to any regulatory approvals, the transaction to close before June 2020. Further details will be published in due course.
Dr. Thorsten Bieg, Partner at GÖRG who joined the Management Board of Senvion GmbH as a restructuring expert, said, ‘This is a positive outcome for our Indian entity to find a safe harbour and continue to serve one of the largest Renewable Energy market. We have started working towards an earliest closure and transfer of the Indian business to the new shareholders. As announced earlier Senvion India is fully independent entity of Senvion GmbH. Now, we have also signed legally binding agreements to transfer the relevant Intellectual Property and knowhow to Senvion India, which will be effective upon the closure.’
Amit Kansal, CEO & MD of Senvion India, said: 'Today's announcement is a significant milestone for Senvion India, as we have now found a strategic investor who is interested to continue serving the large Indian renewable market. Senvion India makes 85% of its turbines in India and has created over 1000 jobs directly and indirectly. We will continue to provide world class wind energy solution to projects in India. Looking ahead to the weeks to come, the management team will continue to put all efforts in concluding the transaction at the earliest. Senvion India continues to service its installed base and deliver its project while we close this transaction’.
