India’s biggest wind turbine maker, Suzlon Energy, is planning to divest either fully or partially its stake in its Belgian subsidiary, Hansen Transmission International.
“We have appointed an independent director’s committee, which is negotiating with potential buyers,” said Tulsi Tanti, chairman.
The company said it also expects its order book to look good this year. “As of now, Suzlon’s order book stands at 1,500 Mw and 1,200 Mw for Repower (the German turbine firm acquired by Suzlon, in the same business). Our order book will be good this year,” he said. Together with its gearbox-maker subsidiary, Hansen, Suzlon’s total order book is valued at Rs 8,320 crore.
Talking about REpower Systems’ technology, Tanti said: “REpower Systems has strong presence in the European market, so we have decided to keep the technology of REpower for European markets for now.”
Suzlon Energy said its shareholders had approved the proposal, which entailed a fund raising plan of up to Rs 5,000 crore through the issuance of securities, both in the domestic as well as in overseas markets. The shareholders had also given their nod to increase the ceiling limit on total FIIs’ holding to 49 per cent from 24 per cent in the company, it said in a filing to Bombay Stock Exchange.
Suzlon said the shareholders, at their annual general meeting, had given the board of directors authority to raise Rs 5,000 crore by issue of shares, Foreign Currency Convertible Bonds, Global Depository Receipts or by any other equity-linked instruments.
In Q1, Suzlon Energy bagged orders worth 160 Mw and executed 122 Mw. Thereby, registering a consolidated net loss of Rs 453 crore, compared with a profit of Rs 9.3 crore last year. However, the company’s topline grew 33 per cent to Rs 4,171 crore.
