Suzlon acquires Belgian firm for $565 mn

Indian wind turbine maker Suzlon Energy Ltd. has acquired Belgium's EVE Holding NV for $565 mn.

Indian wind turbine maker Suzlon Energy Ltd. said on Friday that it had acquired Belgium's EVE Holding NV, with an enterprise value of 465 million euros ($565 million), in its second overseas foray this week.

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Suzlon said the deal would give it indirect ownership of Hansen Transmissions International NV, a maker of industrial and wind turbine generator gearboxes, along with subsidiaries in Britain, Australia, Brazil, United States and South Africa.

Suzlon, which raised nearly 15 billion rupees ($337 million) when it went public last October, had announced on Thursday a $60 million investment to set up a wind turbine generator-manufacturing unit in China.

The company said it would acquire the entire shareholding of EVE through its Dutch subsidiary, AE-Rotor Holding BV.

Suzlon shares, which hit a new high of 1,342 rupees this week, were up nearly 2 per cent at 1,315 rupees in a firm Mumbai market.