Suzlon to Sell Senvion SE For €1 Billion
January 22 2015 - 12:50AM
Dow Jones News
MUMBAI--Suzlon Energy Ltd.(532667.BY) said Thursday it has sold
its German subsidiary Senvion SE to the U.S-based private equity
fund Centerbridge Partners LP for 1 billion euros ($1.16 billion)
to reduce debt and focus on India and other high growth markets
such as the U.S.
The wind power turbine manufacturer has a debt of more than $2
billion. It has been looking at ways to lower its debt for the past
four years and one of the options was selling Senvion.
It has restructured local loans, refinanced existing expensive
debt with cheaper overseas loans and has also cut jobs to stay
afloat as weak demand hurt its business.
The Indian company completed the purchase of Senvion SE,
formerly known as REpower, for around 1.8 billion euros in 2011
after initially taking control of the company in 2007.
Write to Debiprasad Nayak at debiprasad.nayak@wsj.com and
Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com
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