Dilip Shanghvi to buy equity worth Rs 1,800 crore in Suzlon Energy
Wind turbine maker Suzlon Energy has signed definitive agreements with Dilip Shanghvi Family and Associates (DSA) for equity investments of Rs 1,800 crore.business Updated: Feb 14, 2015 13:46 IST
Wind turbine maker Suzlon Energy has signed definitive agreements with Dilip Shanghvi Family and Associates (DSA) for equity investments of Rs 1,800 crore.
"Post allotment, DSA shareholding in Suzlon Energy will be 23% shares (based on current shareholding), while the Tanti Family will hold 24%," Suzlon Energy said in a statement.
Management control will remain with the Tanti family by virtue of pooling arrangement for voting.
"This financial investment is in sync with the Prime Minister's long-term vision and immense potential of the renewable energy market. "While we believe Suzlon has the potential to emerge as a global leader in the renewable energy space from India, it will take substantial and sustained effort on part of the management team to achieve a significant operating performance improvement," Dilip Shanghvi said.
"These bold steps will strengthen our capital structure permanently, enabling significant deleveraging and liquidity to ramp up volumes rapidly. "We are convinced that the support from Dilipbhai Shanghvi and family will help in creating a long-term sustainable value for our stakeholders," Suzlon Group Chairman Tulsi Tanti said.