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India's Suzlon sheds more solar subsidiaries for USD 4.3m

Solar panels. Featured Image: pornvit_v/Shutterstock.com

April 10 (Renewables Now) - Indian wind turbine manufacturer Suzlon Energy Ltd (BOM:532667) on Tuesday announced it has agreed to sell two additional solar project subsidiaries for a total of INR 298 million (USD 4.3m/EUR 3.8m).

This time the buyer is Ostro Energy Private Limited, which is a wholly-owned unit of ReNew Power Services Private Limited. Under the terms of the deal, Ostro Energy will acquire Shreyas Solarfarms Limited for a total of INR 198.7 million and Aalok Solafarms Limited for an additional INR 99.3 million.

The buyer has already paid a portion of the agreed sum for a 26% stake in each of the two targets and will pay the rest when it acquires the remaining shares. This is expected to happen on May 10, 2019.

Shreyas generated a turnover of INR 75.6 million for the fiscal year ended on March 31, 2018 and its net worth on that date was INR 95.6 million. In turn, Aalok recorded a turnover of INR 39.1 million and had a net worth of INR 49.8 million.

Last month, Suzlon announced the sale of two other solar power subsidiaries to CLP Wind Farms (India) Private Limited for a total of INR 991 million.

(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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