Injunction Filed Against Siemens Gamesa By Sembcorp Over Country Exit Sale
Sembcorp filed a motion with the Principal City Civil and Sessions Judge in Bengaluru seeking an injunction on the sale of Siemens Gamesa's India assets, which includes its ownership stake.
Sembcorp's India unit has filed a suit in a Bengaluru court to stop Siemens Gamesa Renewable Energy from selling business assets based in the country.
This was before settling an arbitration arising from an alleged default in the execution of a contract.
Sembcorp filed a motion with the Principal City Civil and Sessions Judge in Bengaluru seeking an injunction on the sale of Siemens Gamesa's India assets, which includes its ownership stake.
The court issued notices to Siemens Gamesa, court documents showed.
Sembcorp's India arm has filed a suit against Siemens Gamesa and its parent entity, Siemens Energy AG.
Siemens Energy AG has reportedly put its India subsidiary Siemens Gamesa Renewable Energy's entire India manufacturing, maintenance and services business in renewables up for sale. This is effectively seen as a country exit for Siemens Gamesa.
Considering these material events and information, which lead to reasonable apprehension regarding the continued operation of the Siemens Gamesa as a going concern, Sembcorp filed an injunction petition against this stake sale.
Last year, the Singapore conglomerate's India arm dragged Siemens Gamesa to arbitration over a dispute over a wind power project.
Sembcorp's indirect Indian wholly owned subsidiary, Green Infra Wind Energy Ltd. had contracted Siemens Gamesa to supply, erect and commission a 300-megawatt wind power project, consisting of 143 wind turbine generators and associated transmission facilities.
The vendors allegedly defaulted on the contract, leading to GIWEL terminating the contract and filing a Rs 816 crore claim against Siemens Gamesa.
Siemens Gamesa filed a counterclaim seeking Rs 1,957 crore from GIWEL.
GIWEL owns and operates 727.70 MW of wind-based power projects spread across seven locations in Karnataka, Maharashtra, Madhya Pradesh and Gujarat. Its subsidiary Green Infra Renewable Energy Ltd. also operates a 249.9-MW wind power project in Tuticorin, Tamil Nadu.
(Text Inputs From PTI.)
