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Reliance Capital to invest Rs 100 cr in wind power joint venture with Ming Yang

According to reports, financial services major Reliance Capital is investing Rs 100 crore in a wind energy joint venture in the country, partnering with China’s Ming Yang Wind Power Group.

Ming Yang entered into an agreement with Reliance Capital last year to establish a joint venture by subscribing to a significant stake in the share capital of Global Wind Power Ltd ( GWPL), a leading wind power solutions provider in India.

Giving an update on this partnership, Reliance Capital Chairman Anil Ambani today said that the agreement would be closed soon and an investment of Rs 100 crore would be made.

“Our agreement with Ming Yang Power from China is in place. We believe that it will be closed shortly and investment of over Rs 100 crore will come through the joint venture,” Ambani said while replying to shareholders’ queries at Reliance Capital’s Annual General Meeting here.

Ming Yang announced this agreement with Reliance Capital and other entities of Ambani-led Reliance Group on July 2, 2012, but no financial details were provided at that time.

Ming Yang had also signed a Memorandum of Understanding (MoU) with Reliance Power to co-develop a large portfolio of clean energy projects in India.

The Chinese firm produces advanced wind turbines with high energy output and provides customers with comprehensive post-sales services. It was one of the top-ten wind turbine manufacturer worldwide and the largest non-state owned wind turbine manufacturer in China in 2011.

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