Suzlon seeks more time for foreign bond repayment

Wind turbine maker Suzlon Energy said on Friday it was seeking up to 45 days more for repayment of foreign bonds due in June, as it is working with lenders to raise up to $300 million.

"In order to ensure there is adequate time for the necessary requisite approvals and administrative documentation, we have asked our bondholders for an extension," Kirti Vagadia, chief financial officer, said in a statement.

Suzlon, the owner of Germany-based REpower, is "at an advanced stage" of raising funds to refinance the foreign currency bonds, he said.

The world's fifth-largest wind manufacturer by cumulative installed capacity, Suzlon, needs to repay foreign currency convertible bonds of $360 million in June and $207 million in October.