Millennium Energy Corporation Announces Strategic Shareholding in Steelite Wind Private Limited and its Support of “Make in India Program”
Millennium Energy Corporation is pleased to announce a 10 % Strategic stake in the shares of Steelite Wind Private Limited of Mumbai India and confirms its support of ” Make in India initiative of the Indian Government.
The Company announced today that it has entered into an agreement to subscribe for $62.5 million of Convertible debenture that converts to a 10% strategic stake in the shares of Steelite Wind Private Limited, an Indian company that is part of the Steelite Industrial Group of Companies. Steelite Wind is engaged in the manufacture and marketing of the Capella™ Wind Turbines in India. The purchase price for these convertible debentures is $62.5 Million satisfied in the form of 12,500,000 newly issued Millennium Energy Corporation common shares issued at $5.00 per share. Upon issuance and delivery of the Millennium Energy shares to the Steelite Group Companies the transaction will be concluded.
Mr. Irving Aronson, Chairman of the Company said “The investment of $62.5 million in the form of a subscription of Convertible debentures that convert to the 10 % Strategically important block of shares of Steelite Wind Private Limited is the first step in Millennium Energy’s plan to invest in India under the provisions of the Foreign Exchange Management act and to become a major participant in the Renewable Energy, Solar and Wind Energy business in India. It also demonstrates Millennium Energy’s support for the Indian Government Initiative of “Make in India”, a successful initiative of the Narendra Modi led Government, he stated that “Millennium will shortly announce further investment and expansion plans in the Wind, Solar and Renewable Energy Sector” in India.