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Embassy of India
Make In India Mittelstand (MIIM) initiative attracts more investments from Germany in the Wind Energy Sector
Senvion, a leading global manufacturer of wind turbines has made significant investment under the Make In India initiative by acquiring the production facilities of Kenersys India Private Limited. With the acquisition, Senvion will now own the production facility of nearly 250 Megawatt (MW) of capacity which will enable Senvion to market its products rapidly in India. This will also consolidate its Indian R&D capabilities with the Senvion Tech Centre in Germany. Juergen Geissinger, CEO of Senvion, says that “acquisition is perfectly timed with Government of India’s target of achieving 60 Gigawatt (GW) of cumulative wind energy installations by 2022 and will have a positive impact on creation of jobs and delivering state-of-the-art solutions for India and other markets.”
Senvion’s investments are being supported through the Make In India Mittelstand (MIIM) initiative being implemented by Indian Embassy in Germany to facilitate investments by German companies into India. The proposed investment by Senvion is one of the significant investments to be committed under the MIIM initiative.
The number of German companies investing in India through the MIIM initiative has increased to 56 as compared to about 27 companies in March 2016. The total volume of investments being mobilised through the MIIM initiative has already reached half a billion euros. The MIIM initiative had been launched in September 2015 after Prime Minister Narendra Modi’s invitation to German companies to invest in India at the Hannover Trade Fair in April 2015. More German companies, particularly the SMEs (Mittelstand) continue to show interest in undertaking significant investments in India as a result of the comprehensive support being given for them under the MIIM initiative.
Encouraged by the significant results achieved by the MIIM initiative, the Deutsche Investitions-und Entwicklungsgesellschaft (DEG), a subsidiary of the state-owned German Development Bank KfW, has also increased its stakes in the MIIM Programme. DEG will now finance up to 50% of the cost of Feasibility Studies and will provide debt and equity support for the companies investing in India.