Suzlon sells China arm for Rs 340 crore
Debt-laden wind turbine major Suzlon said it has sold its Chinese manufacturing subsidiary to China Power (Tianjin) New Energy Development Company for $60 million or Rs 340 crore.
The two companies have signed a binding term-sheet for sale of the subsidiary, Suzlon Energy Tianjin, with the majority of its assets and liabilities for $60 million. The sale is subject to requisite regulatory approvals, the company said.
“The dynamics of the wind energy market have changed considerably over the past year, and we are re-aligning our strategy in the Chinese market with an agile, asset-light business model to achieve high growth and margins but with lower investments. We have decided to realign our business there, as reflected in this transaction,” Suzlon Group Chairman Tulsi Tanti said.