Vestas to exit Indian JV; sell stake to partner

Danish energy giant Vestas has decided to sell its 49% stake in Indian JV Vestas RRB India to the company's MD.

The world's largest windmill manufacturer Vestas Wind Systems will sell the stake to Rakesh Bakshi, MD of Vestas RRB as part of a strategic repositioning in the Indian market.

This means that Vestas RRB India would now become a wholly-owned Indian company. The Denmark-based firm said in a statement that it would continue to focus on wind turbines with a capacity of 750 KW and above in the Indian market through its wholly-owned subsidiary NEG Micon India.

Vestas Wind Systems would continue to assist Vestas RRB to indigenise components like blades and control systems for wind turbine models being built by the Indian firm. It would also continue its technological cooperation with Vestas RRB India.