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India's Suzlon gets rid of 2 solar subsidiaries

Suzlon wind turbine. Author: Suzlon Group. License: All Rights Reserved.

March 25 (Renewables Now) - Indian wind turbine manufacturer Suzlon Energy Ltd (BOM:532667) has sold two solar power subsidiaries for a total of INR 991 million (USD 14.4m/EUR 12.7m).

Suzlon has sold its interest in SE Solar Limited and Gale Solarfarms Limited to CLP Wind Farms (India) Private Limited and is no longer their parent company. It got INR 765.5 million for the SE Solar stake and a further INR 225.4 million for Gale.

The turnover of SE Solar for the fiscal year ended on March 31, 2018 amounted to INR 544.3 million, while its net worth on that date was INR 1.59 billion. As per Gale, its turnover was INR 7.2 million and its net worth stood at INR 320.3 million.

The company did not mention why it sold the assets.

A month ago it was reported that Danish wind turbine maker Vestas Wind Systems A/S (CPH:VWS) was holding discussions to buy a controlling stake in Suzlon. News channel CNBC-TV18 said at the time that Suzlon’s investors were considering such a transaction because of the company’s huge pile of debt.

(INR 10 = USD 0.145/EUR 0.128)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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