Suzlon sells 75% in China arm for $28 mn

Suzlon today said it has sold 75 per cent stake in its Tianjin-based China arm to Poly LongMa Energy for $28 million (over Rs 177 crore),after putting it on block for more than a year

Written by Press Trust Of India | Mumbai | Published:September 19, 2013 3:20 am

Debt-laden wind turbine maker Suzlon today said it has sold 75 per cent stake in its Tianjin-based China arm to Poly LongMa Energy for $28 million (over Rs 177 crore),after putting it on block for more than a year.

Suzlon had entered China,the world’s largest wind energy market,in 2006. This divestment is a part of Suzlon’s strategy to monetise assets as it battles huge debt.

Suzlon,the world’s fifth largest wind turbine maker with over 22,500 MW installed capacity in over 30 countries,had expected a valuation of $60 million when it had put Suzlon Energy Tianjin on the block. Suzlon in a statement said the first tranche of the payment has already been completed.

“With this,we monetise an asset we have built up from 2006,and through our partner,Poly LongMa Energy,maintain our strong presence in the world’s largest market,which remains strategically important for us,” Suzlon chairman Tulsi Tanti said.

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