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Suzlon Energy, the Tulsi Tanti-promoted wind energy turbine maker, has gained over 3% at Rs 18 on the NSE (National Stock Exchange) after the company is in talks with billionaire Dilip Shanghvi's son, Aalok Shanghvi, for a possible merger or stake purchase with the latter's company, PV Powertech, which makes solar energy panels.
Dilip Shanghvi, promoter and managing director of Sun Pharmaceutical Industries, is ranked as the second richest Indian, with a net worth of about $18 billion. Aalok also heads the international marketing division of Mumbai-based Sun Pharma.
"This is expected to be a share swap deal, in which the PV Powertech promoters will get stake in Suzlon," says a person familiar with the talks. "This could value the PV Powertech stake at Rs 1,200-1,500 crore."
The stock opened at Rs 18.20 and touched a high of Rs 18.40 on NSE. A combined 8.5 million shares changed hands on the NSE and BSE counters till 0950 hours.
