Wind turbine maker Suzlon Energy has disinvested 75 per cent stake in Suzlon Generators (SGL) to technology group Voith Turbo Private Limited or its associates, stated in its filing. This disinvestment is subject to customary due diligence, necessary approvals and execution of definitive documents.
In the regulatory filing, it was stated the turnover of Suzlon Generators Limited in the previous financial year (FY21) was Rs 53.27 crore, whereas the book net worth of SGL as on March 31, 2021 was Rs 30.63 crore.
The stake will be purchased by Voith Turbo Private Limited or its associates. The Voith Group are the owners of Elin Motoren GmbH, the 25 per cent JV partner in SGL.
Meanwhile, Suzlon Wind Energy Corporation, USA (SWECO), a step down subsidiary of the Suzlon Energy Ltd., filed for voluntary liquidation in the United States Bankruptcy Court of the Northern District of Illinois, Eastern Division under Chapter 7 of the United States Bankruptcy Code and Federal Rules of Bankruptcy Procedure of the USA on June 29, 2021. Suzlon Energy stated in its filing.
The board of SWECO took this decision in wake of continued financial stress sustained by its operations during the pandemic. “We do not foresee this decision to have any direct and/or material impact on Suzlon Energy Ltd.,”
Suzlon Group is comprised of Suzlon Energy Limited and its subsidiaries.