Reliance Capital has entered into an agreement with Ming Yang to establish a joint venture by taking a significant stake in the share capital of GWPL. Ming Yang entered into an agreement with Reliance Capital to establish a joint venture by taking a significant stake in the share capital of GWPL as per reports.
Reliance Capital will be investing Rs 100 crore in a wind energy joint venture in the country, partnering with China’s Ming Yang Wind Power Group.
“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,” said Anil Ambani while replying to shareholders’ queries at Reliance Capital’s Annual General Meeting.
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.
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.
Reliance Capital is a part of the Reliance Group. It is one of India’s leading and amongst most valuable financial services companies in the private sector. Reliance Capital has a net worth of Rs. 12,138 crore (US$ 2.0 billion) and total assets of Rs. 42,155 crore (US$ 7.1 billion) as on June 30, 2013.