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Suzlon Energy receives shareholders’ nod to raise funds

According to reports, With order book to the tune of Rs 13,000 crore Suzlon Energy is upbeat about markets in China, Germany and India. In a bid to undertake new projects and infuse working capital, the company is considering raising up to Rs 5,000 crore through various means.

Suzlon shareholders empowered the company promoters to raise funds by way of issuance of equity shares, foreign currency convertible bonds, global depository receipts, or other such equity-linked products. Suzlon CMD Tulsi Tanti, after the company AGM in Ahmedabad on Tuesday said, “There is no immediate plan to raise the funds but the company is equipped to capitalise on future prospects.” Independent director of Suzlon, V Raghuraman admitted before the shareholders that the company could not execute certain orders due to lack of working capital last year.

“We have given a very strong guidance in the current market environment. We are projecting close to Rs 24,000-26,000 crore in top-line and 7-8% of EBIDTA margin. We have order book of almost Rs 13,000 crore and anticipating good opportunities in emerging markets and offshore markets, especially Germany,” Tanti said. Commenting on opportunities in India and China, Mr Tanti said, “Indian market is growing by an impressive 20-30% a year. At the same time, China is heavily focusing on wind power and accounts for 25% of the global market.”

It may be mentioned here that China led the global capacity addition drive in 2010 with 18,928 MW of new installations within a year and accounted for more than 50% of the world market for new wind turbines. China raced ahead of USA that added 5,000 to cross 44,000 MW mark in 2010. The top five countries USA, China, Germany, Spain and India together represented 74% of the worldwide wind capacity in 2010.

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