Suzlon Energy sells 75% stake in Suzlon Generators; its US subsidiary files for liquidation
Wind turbine maker Suzlon Energy has divested 75 percent of its stake in Suzlon Generators (SGL) to technology group Voith Turbo Private Limited or its associates, the filing said. This divestment is subject to the usual due diligence, the necessary approvals and the execution of the final documents.
In the regulatory filing, it was stated that the turnover of Suzlon Generators Limited in the previous financial year (FY21) was Rs 53.27 crore, while the net book value of SGL as of March 31, 2021 was from Rs 30.63 crore.
The stake will be purchased by Voith Turbo Private Limited or its associates. The Voith Group owns Elin Motoren GmbH, SGL’s 25 percent joint venture partner.
Meanwhile, Suzlon Wind Energy Corporation, USA (SWECO), a resigning subsidiary of Suzlon Energy Ltd., has filed for voluntary liquidation with the United States Bankruptcy Court for the Northern District of Illinois, Division of l ‘Is under Chapter 7 of the United States Bankruptcy Code and Federal Rules of United States Bankruptcy Procedure on June 29, 2021. Suzlon Energy said on file.
SWECO’s board of directors made this decision following continued financial stress on its operations during the pandemic. “We do not expect this decision to have a direct and / or material impact on Suzlon Energy Ltd.”
The Suzlon group is made up of Suzlon Energy Limited and its subsidiaries.