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Suzlon Energy to sell Rs 1,000 crore of non-core local assets

According to reports, wind power major Suzlon Energy plans to sell Rs 1,000 crore of non-core assets to cut debt, Chairman and Managing Director Tulsi Tanti said today.

“We are going to sell Rs 1,000 crore more non-critical assets within the country. This will help us in reducing the piling debt,” Tanti told reporters on the sidelines of a seminar organised by the CII here.

Suzlon said yesterday it sold the Big Sky Wind Farm in Illinois to EverPower Wind Holdings, without disclosing the value. The Indian company had announced the acquisition of Big Sky on April 2.

Tanti said the sale of non-critical assets would be in India only. He said the company was in the process of strengthening its balance sheet.

“How we will do that will be known after some time,” Tanti said.

With an installed wind energy capacity of 24,000 MW globally, 70 per cent of Suzlon’s revenue comes from overseas. In India, the company’s installed capacity was 8,000 MW with a 40 per cent market share.

“Our next target is to set up an installed capacity of 1 lakh MW,” he said.

The company’s order book position globally at the moment was about $ 8 billion.

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