According to reports, about 200 workers are on strike at one of two factories run by SE Forge Ltd., a unit of Suzlon Energy Ltd. (SUEL), India’s largest wind-turbine maker.
The workers, who are demanding that 25 trainees be hired as permanent employees, began a sit-in at the plant in Coimbatore on March 19, Suzlon said in a filing to the stock exchange today.
The management are in discussions to resolve the situation, according to the filing. The unit, which makes metal castings and forgings used in wind turbines, also has another plant in Baroda, according to Suzlon.
Suzlon needs to raise money to pay off about $700 million of debt maturing in the next 12 months. The company plans to raise $100 million selling “non-core” assets, Kirti Vagadia, head of corporate finance, told analysts on Feb. 13.
A likely asset sale would be the SE Forge unit, Atul Gharde, a Hong Kong-based credit analyst at SJS Markets Ltd., said earlier this month.