Suzlon in talks with Brookfield to sell stake in O&M services business
Debt laden Suzlon Energy which is staring at a huge foreign currency convertible bond (FCCB) repayment next month is exploring all options to raise cash.
Debt-laden Suzlon Energy is in discussions with Brookfield Asset Management to sell a 49 stake in the operation and maintenance services (O&M) business as the wind turbine supplier is staring at a huge foreign currency convertible bond (FCCB) repayment in July, sources told CNBC-TV18.
Suzlon expects to raise Rs 3,000 crore from the stake sale in the services business, they added.
The company is also exploring options to sell a minority stake in the listed entity after its deal talks with Denmark-based Vestas Wind Systems failed, said sources.
Vestas' offer to acquire Suzlon had expired on June 3 without any headway and valuation difference was the prime reason for roadblocks in closing the transaction, CNBC-TV18 reported on June 10, citing sources with direct knowledge.
"We are committed to reducing our debt and are progressing on strategic initiatives being undertaken," Suzlon told CNBC-TV18 on June 10. Suzlon said that it plans to reduce debt by 30-40 percent in FY19.
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