Suzlon Group signs contract for 332 MW project

The offshore project is based in the German North Sea, around 35 km north of the East Frisian Islands in the Exclusive Economic Zone of Germany

Suzlon Group-subsidiary REpower Systems SE has signed a contract with PNE Wind AG to deliver 54 offshore wind turbines. The 6M turbines, each with 6,150 kW of rated power, are intended for the Gode Wind I wind farm.

The project is based in the German North Sea, around 35 km north of the East Frisian Islands in the Exclusive Economic Zone of Germany. This is the largest-ever offshore project with REpower turbines and one of the world's biggest open-sea projects with turbines in the multi-megawatt class.

The wind turbines are set to be installed and commissioned in 2015. At the Gode Wind I site, the water is between 28 and 34 meters deep.

The REpower 6M is the most powerful wind turbine ever to be installed on the high seas anywhere in the world. The turbine is produced in Bremerhaven, Germany. In 2009, 3 prototypes of the REpower 6M were installed onshore at the Ellhoft wind farm, near the German-Danish border. The first offshore installations were recently erected in the Belgian Thornton Bank wind project. REpower has already sold 150 of this type of turbine, including Gode Wind.

With 6150 kW of rated power, an individual turbine installed offshore can supply more than 6,000 households with electricity. As it has 332 MW of rated power, the Gode Wind I wind farm will generate enough electricity to provide power to approximately 3,24,000 households.

In the late afternoon, Suzlon Energy was trading at around Rs27.35 per share on the Bombay Stock Exchange, 0.37% up from the previous close.

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Mahindra Satyam Australia plans to make $50-100 million acquisitions

“By 2015, the goal is to have 5,000 employees and the objective is to be a $750-million company,” Venki Prathivadi, Mahindra Satyam head (Australia and New Zealand operations) said

Mahindra Satyam’s Australia unit plans to make acquisitions worth $50-100 million and become a $750-million company by 2015, a media report has said.

“We’re on the lookout for major acquisitions, anywhere from $50 million to $100 million. The treasure trove is reasonably big and Australia is a big market for us on a worldwide basis,” Mahindra Satyam head (Australia and New Zealand operations),  Venki Prathivadi, said in an interview to The Australian.

Earlier this month, the diversified Mahindra Group announced the long-awaited merger of Mahindra Satyam with another of its technology arms, Tech Mahindra, in an all-share deal that would create India’s fifth largest software firm, with estimated annual revenue of about $2.4 billion.

Speaking on the Australia and New Zealand operations, he said, “Our business is one of the most profitable in the Mahindra Satyam group. With the profits that we have generated and the growth standards that we have here, we’re looking for acquisitions in banking and financial services, healthcare, mining.”

The company is also looking at ramping up hiring with special focus on building domain skills, he added.

“Business has never been better, and it has even cracked the lucrative federal government market. By 2015, the goal is to have 5,000 employees and the objective is to be a $750-million company,” Mr Prathivadi said.

“We have doubled in revenues over the last three years and the objective is to double again in the next three years.”

After the merger with Tech Mahindra is completed this year, 80% of the employees would cater to Australian customers — it would have 2,250 staff in Australia and New Zealand.

Despite troubled times, the company added 15 new customers in one year’s time, the report quoted him as saying.

“We’ve set ourselves a goal of finding one new customer every month,” he said, adding, “This is a local target...It’s a goal I set. We’ve been doing very well with existing business, but we had to do this in terms of real recovery. Major customers include Qantas and National Australia Bank.”

Mr Prathivadi said Satyam was working with unnamed Canberra-based companies to deliver services to public-sector users. The company also aims to hire at least 100 people to be based in Canberra.

He said an aversion to using India-based IT outsourcing companies was changing in Canberra, due to the “competitive advantage that we bring”.

Mr Prathivadi claimed that one of Satyam’s strongest weapons was its ability to deliver quality work for 30% less than its rivals and that people with knowledge of SAP, Microsoft and Oracle technologies would be highly sought after by Satyam.

It hopes to dip into a “reasonably big” treasure trove to acquire local companies but not necessarily in the IT space.

In the late afternoon, Mahindra Satyam was trading at around Rs77.20 per share on the Bombay Stock Exchange, 2.22% down from the previous close.

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Warburg sells entire 3.6% stake in Kotak Bank for Rs1,400 crore

On 2 February 2012, Warburg sold about 17.5 million shares of the bank through stock market deals, raising about $170 million

Foreign investors continue to cash out their investments in domestic banks and financial institutions. The latest is the overseas private equity investor Warburg Pincus, which exited its 3.6% stake in Kotak Mahindra Bank, raking in about Rs1,400 crore, according to a source.

When contacted, Kotak Mahindra Bank chief financial officer Jainmin Bhatt said that “I know that there was block deal on the NSE today, but who the buyer or the seller can be known only by the end of the day”.

However, market sources confirmed the development and said Kotak Institutional Advisers advised the sale and the average sale price was Rs530 apiece.

This is the second time in as many months that Warburg has sold its stake in the bank. On 2 February 2012, it sold about 17.5 million shares of Kotak Bank through stock market deals, raising about $170 million.

Warbug picked up the stake in the city-based private sector lender in 2004, and today's deal marks its exit.

In the late afternoon, Kotak Mahindra Bank was trading at around Rs535 per share on the Bombay Stock Exchange, 0.76% up from the previous close.

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