Suzlon eyes USD 169m from non-core asset sales in FY2013/14 - report

Jun 2, 2014 - Indian wind turbine maker Suzlon Energy Ltd (BOM:532667) intends to raise about INR 10 billion (USD 169m/EUR 124m) from selling non-core assets in fiscal 2013/14, the Economic Times said Sunday, citing a company official.

The company is currently progressing with an INR-95-billion corporate debt restructuring programme, which was approved by its lenders in January 2013.

Apart from the sale of non-core assets, Suzlon is searching for business opportunities in new markets, head of finance Kirti Vagadia said, as quoted by the daily. Last month, Suzlon said it had inked a definitive deal to divest its recently-acquired 240-MW Big Sky wind park in the US state of Illinois to EverPower Wind Holdings. It also sold a stake in a Chinese production plant, raising over INR 7 billion from the two sales.

In fiscal 2013/14, the firm will focus on enhancing production volumes, business efficiency and improving capital structure, it said on announcing its most recent financial results. Suzlon reported a net loss of INR 6.03 billion for its fourth fiscal quarter through March, narrowing from INR 19.1 billion a year earlier, as revenues marked a 54% year-on-year jump to INR 65.8 billion.

Suzlon’s bondholders will gather on July 9 to approve a restructuring plan that includes a cashless exchange into new bonds with five-year bullet maturity.

(INR 100 = USD 1.689/EUR 1.238)

Choose your newsletter by Renewables Now. Join for free!