Suzlon completes sale subsidiaries to Canadian Solar for Rs 54.53 cr

Renewable Energy solution provider Suzlon Energy Tuesday said it has completed sale of its arm Amun and Avighna to Canadian Solar for a total consideration of Rs 54.53 crore.

"The company has completed sale of Amun (Amun Solarfarms Ltd) and Avighna (Avighna Solarfarms Ltd) to canadian Solar and accordingly Amun and Avighna have ceased to be the subsidiaries of the company," a Suzlon Energy statement to the BSE said.

According to the statement as first part of the transaction, Canadian Solar acquired 49 per cent stake in Amun and Avighna, respectively, for a combined cash consideration of Rs 26.42 crore. As second part of the transaction, Canadian Solar acquired balance 51 per cent stake for a combined cash consideration of Rs 28.11 crore.

The turnover of Amun for financial year ended March 31 2018 was Rs 7.30 crore, while the net worth as on March 31, 2018 was negative Rs 2.78 crore. Avighna's turnover for the fiscal ended 31st March 2018 stood at Rs 6.50 crore, whereas the net worth was negative Rs 3.04 crore as on March 31, 2018.