Sun, 24 Jun 2012 12:42:17 GMT | By Hindu Business Line

Suzlon to sell stake in Chinese arm for Rs 340 cr

Pune: Suzlon Group has entered into a binding agreement to sell its equity in its whollyowned manufacturing subsidiary in China, Suzlon Energy Tianjin Ltd, to China Power (Tianjin) New Energy Development Company Ltd (CPNE). The two companies signed a binding term-sheet on June 22 for the sale of Suzlon Energy Tianjin with the majority of its assets and liabilities for approximately $60 million, or Rs 340 crore.

The sale is subject to requisite regulatory approvals.

Mr Tulsi Tanti, Chairman-Suzlon Group, said: "The dynamics of the wind energy market have changed considerably over the past year, and we are realigning our strategy to the China market with an agile, asset-light business model." Suzlon established its marketing operations in China in 2005, followed by the setting up of its wholly-owned manufacturing facility in 2006.

The company has, to date, installed over 900 MW of wind capacity in the country.

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