(SeeNews) - Jun 25, 2012 - Indian wind turbine maker Suzlon Energy Ltd (BOM:532667) said Monday it has signed a binding term sheet to sell its manufacturing unit in China to China Power New Energy Development Co Ltd (HKG:0735), or CPNE.
CPNE will pay some USD 60 million (EUR 47.7m) for Suzlon Energy Tianjin Limited. The deal is subject to regulatory approvals.
Suzlon Group’s chairman Tulsi Tanti said that the disposal was part of the company’s strategy to streamline its business model in China with the aim to achieve high growth and margins with lower investments. The sale is also in line with Suzlon’s strategy to dispose of non-core assets to cut long-term debt.
(USD 1 = EUR 0.796)