Suzlon Energy on Saturday said its arm Suzlon Energia Eolica do Brasil Ltda (SEOB) has exited the Brazilian market.
“Suzlon Energy Ltd (company) announces the filing of voluntary liquidation of its Brazilian subsidiary Suzlon Energia Eolica do Brasil Ltda (SEOB),” the company said in a filing on BSE.
The decision does not, in any way, alter Suzlon’s global operations strategy, it said. SEOB was established in 2006 to manage business operations in Brazil.
SEOB has taken this decision after carefully considering all options and as a consequence of multiple factors that are unique to Brazil, the filing said. “We believe that this is a responsible decision for the benefit of long-term sustainability of the company and its shareholders,” a company spokesperson said.