Suzlon Group, the largest wind turbine maker, announced the sale of a block of wind assets for approximately USD 40 million (Rs 2 billion). The windfarms are located across India, with a majority of the assets located in the state of Tamil Nadu.
The transaction is scheduled to conclude by the middle of May 2012 after completion of due diligence and requisite approvals.
Speaking on the development, Kirti Vagadia, chief financial officer- Suzlon Group, said, “I am pleased to announced that we are divesting in certain non-core assets and are set to raise approximately USD 40 million as per our plan outlined in February this year. This is a modest- but important step forward in our strategy to optimize our capital structure and meet our repayment obligations in this year.
“In addition our divesting these non-core assets, we believe our consistently improving business performance and outlook, particularly our strong revenue visibility for FY13, puts us in strong position as we begin the new fiscal,“ added further.