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 worlds largest wind energy market,in 2006. This divestment is a part of Suzlons strategy to monetise assets as it battles huge debt.
Suzlon,the worlds 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 worlds largest market,which remains strategically important for us, Suzlon chairman Tulsi Tanti said.