Ming Yang Agrees to Buy 55% Stake in Ambani’s Global Wind Power
China Ming Yang Wind Power Group Ltd. (MY), China’s third-largest wind-turbine maker, will buy into Indian billionaire Anil Ambani’s wind energy interests as a weakening market at home pushes manufacturers abroad.
Ming Yang’s Singapore unit will own 55 percent of Global Wind Power Ltd., owned by Ambani’s Reliance Anil Dhirubhai Ambani Group Ltd., after buying new shares, Investor Relations Director Beatrice Li said today by e-mail. She declined to disclose the value of the transaction.
Chinese wind-turbine makers, led by Sinovel Wind Group Co. and Xinjiang Goldwind Science Technology & Co., sell more than 95 percent of their machines to a shrinking, oversupplied home market and are looking to expand. India, benefiting from slowing demand in China and policy uncertainty in the U.S., has become the third-largest market in annual turbine sales.
Ming Yang is building on its collaboration with Ambani’s companies, having agreed this week to develop as much as 2,500 megawatts of capacity in India in the next three years with Reliance Power Ltd. (RPWR) It follows Sinovel, Dongfang Electric Corp. and Shanghai Electric Group Co. in winning turbine orders in the South Asian nation.
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