To sell 100% stake in Senvion SE
Suzlon Energy announced that Suzlon Group signed a binding agreement with Centerbridge Partners LP, USA to sell 100% stake in Senvion SE, a wholly owned subsidiary of the Suzlon Group.The deal is valued at EUR 1 billion (approx Rs. 7200 crore) equity value in an all cash transaction and future earn out of upto an additional EUR 50 million (approx Rs 360 crore). The transaction is subject to Regulatory and other customary closing conditions.
Senvion to give Suzlon license for off-shore technologies for the Indian market. Suzlon to give Senvion the S111-2.1 MW license for the USA market. The 100% stake sale of Senvion SE is in line with Suzlon's strategy to reduce the debt and focus on the home market and high growth market like USA and emerging markets like China, Brazil, South Africa, Turkey and Mexico.
The transaction is expected to be closed before the end of the current financial year.
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