Suzlon Energy announced to sell 100 percent stake in its German subsidiary Senvion SE

Jan 22, 2015 16:17 IST

Wind turbine maker Suzlon Energy on 21 January 2015 announced to sell 100 per cent stake in its German subsidiary Senvion SE. The 100 percent stake was sold to US-based company Centerbridge Partners for 7200 crore rupees.

The proceeds from sale of stake will be utilised towards debt reduction and business growth in key markets like the US, India and other emerging markets.

Suzlon Energy has been under pressure in the last few years due to slowdown in global turbine sales which resulted into piling of debt. The company had to restructure 1.8 billion US dollar debt after defaulting on convertible bond redemption in 2012 worth 200 million US dollar.

Chairman of Suzlon Energy is Tulsi Tanti.

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Read more Current Affairs on: Suzlon Energy , German subsidiary Senvion SE , Wind turbine

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