Siemens acquires majority stake in Marine Current Turbines

18 Feb 2012 Evaluate

Siemens has purchased the majority stake in UK-based Marine Current Turbines, a company which develops and builds tidal power systems. Earlier in November 2011, it has increased its stake in the company to 45%. 

Marine Current Turbines (MCT) is an industry leader in tidal power and has developed a demonstration project at Strangford Lough in Northern Ireland. Marine Turbines has implemented a commercial-scale demonstration project with SeaGen in Northern Ireland. Since November 2008, two axial turbines with a combined capacity of 1.2 megawatts (MW) have been providing power to about 1,500 households.

The company has posted a fall of 70.30% in its net profit of Rs 70.72 crore for the quarter ended December 31, 2011 as compared to Rs 238.09 crore for the same quarter in the previous year. Total income has decreased by 7.11% from Rs 2580.39 crore for Q3FY11 to Rs 2396.87 crore in the quarter under review.

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