Visit windpowermonthlyevents.com for the latest on our upcoming conferences and webcasts

India

India

Corporate restructuring at NEPC complete

The sale of NEPC India's wind division, including tower manufacturing and assembly facilities in Pondicherry, to Southern Windfarms, a special purpose company established by NEPC to enable it to restructure and shed debt (Windpower Monthly, November 2005), has formally been confirmed. Under the deal, Southern is paying INR 1.35 billion ($29.8 million) directly to NEPC India's secured and unsecured creditors. Southern Windfarms, due to be listed on the Bombay Stock Exchange, is now owned by Reliance Capital (51%), Nimesh Shah, a broker (13%) and Sterlite chief financial officer Tarun Jain (4%), with the remaining shares to be held by NEPC shareholders, who will receive 12.5 shares in Southern Windfarms for every 100 shares held in NEPC. Reliance Capital is understood to have paid $21 million for its stake in the Southern Windfarms back in April and plans to spend around $556 million to set up around 500 MW of wind capacity, with Karnataka, Maharashtra, Rajasthan and Gujarat seen as possible locations. The turbine supplier is expected to be GE, says Reliance, although the US firm declines to comment. An industry source says GE's India order book is full up to 2008. NEPC entered the wind business in the 1980s as NEG Micon's local Indian partner.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Windpower Monthly Events

Latest Jobs