Refex and Winvision to form JV to manufacture wind turbines in India
Author: PPD Team Date: October 28, 2024
Chennai-based Refex Industries has formed a joint venture with Winvision Enterprises to establish Refex Green Energy Limited (RGEL), focused on wind energy solutions. Refex will hold a 75.5% stake in RGEL, while Winvision will own the remaining 24.5%.
The JV aims to position RGEL as a comprehensive provider in the wind energy sector, covering manufacturing and assembly of wind turbine generators and components, including nacelle assemblies, hub assemblies, rotor blades, and control equipment. Additionally, RGEL will offer operations and maintenance services.
The partners have committed Rs 1.39 billion to RGEL, with an initial investment of Rs 300 million earmarked for immediate activities. This venture is expected to enhance Refex’s renewable energy portfolio by diversifying into wind energy.
In a related strategic move, Refex Industries announced a preferential share issue in October 2024, valued at Rs 9.28 billion. This issue includes up to 8.65 million equity shares worth Rs 4.05 billion for non-promoter category investors, supporting the company’s growth initiatives.