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Wind turbine maker Suzlon Energy is expected to sell its wholly-owned German subsidiary Senvion for about €1 billion (about ₹7,200 crore) in the next couple of days. However, there is apprehension that the lenders consortium may not be agreeable to the valuation.
The company did reach out to the media on Tuesday stating that a strategic announcement would be made late in evening, which eventually did not materialise. In 2009, Suzlon acquired Senvion for over €1.35 billion (about ₹10,000 crore now).
The sale is about 40 per cent lower given that the company has paid close to €150 million later to acquire residual stake.
On Monday, responding to a BSE query following news reports on the likely sale, Suzlon clarified to the stock exchange that “the Board of the company has not approved any such transaction and the company continues to explore options for its liability management. We would keep the stock exchanges informed about any decisions in this regard.”
Debt recast On January 24, 2013, domestic lenders comprising 19 banks approved a ₹9,500-crore corporate debt recast, while also agreeing to increase its working capital by ₹1,800 crore as also a 10-year repayment plan.
Suzlon has a debt of about ₹16,000 crore.
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