Business News
India's Suzlon sells stake in Belgian firm Hansen
Nov 20, 2009, 10:15 GMT
New Delhi - Suzlon Energy, India's biggest wind-turbine maker Friday said it has sold a 35-per-cent stake in Belgian wind gearbox maker Hansen for 370 million dollars.
Suzlon through its Netherlands-based subsidiary AE-Rotor Holding BV sold 236 million depository interests, representing equity shares in Hansen, the Indian firm said in a filing to the Bombay Stock Exchange.
After the sell-off, Suzlon's holding in Hansen comes down to 174.63 million shares or a 26.06-per-cent stake from the earlier 61 per cent.
'There are no board changes in Hansen envisaged following the placing,' a statement from the company said.
The Indian company holds the right to appoint up to two non-executive directors on Hansen's board.
Suzlon had acquired the company in 2006 for 565 million dollars saying it had big synergies with its own wind turbine operations.
Suzlon is ranked as the world's fifth-largest wind energy company and has posted a quarterly loss of 76 million dollars for the three months ending September.
'The transaction is an important step towards further optimizing our debt profile,' Suzlon chief executive officer Sumant Sinha said. 'As the largest shareholder in the company we will continue to work towards creating an even greater value,' he added.
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