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Suzlon

Suzlon Energy
Company typePublic
ISININE040H01021
IndustryRenewable energy
Founded1995; 30 years ago (1995)
FounderTulsi Tanti
HeadquartersOne Earth, Hadapsar,
Pune, Maharashtra
,
India
Area served
Worldwide
Key people
JP Chalasani (CEO, Suzlon Group)
ProductsWind turbines
RevenueIncrease ₹4,187.33 crore (US$490 million) (2021)
Increase ₹1,101.23 crore (US$130 million) (2021)
Increase ₹104.18 crore (US$12 million) (2021)
Total assetsIncrease ₹6,601.09 crore (US$770 million) (2021)
Total equityIncrease ₹−3,400.71 crore (US$−400 million) (2021)
OwnerTanti Family
Number of employees
5,800 (2023)
Websitewww.suzlon.com

Suzlon Energy is an Indian multinational wind turbine manufacturer headquartered in Pune.

History

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Tulsi Tanti was a Gujarati businessman managing a small textile company. Due to the erratic availability of local power and its rising cost, the highest business expenditure after the raw materials was electricity.[1][2] Tanti ventured into wind energy production as a way to secure the energy needs for his textile company and founded Suzlon Energy.[3] Suzlon adopted a business model wherein clients would be responsible for 25% of the up-front capital investment and Suzlon would arrange the remaining 75% on loan. Initially, Indian banks were hesitant to fund loans for this model, but by 2008, many Indian banks started financing wind power projects for Suzlon's clients.[1]

In 2001, Tanti sold off the textile business and took over as chairman of Suzlon Group. In 2003, Suzlon ventured into international markets with an order from DanMar to supply 24 turbines in southwestern Minnesota, United States and set up an office in Beijing, China.[4] Suzlon Rotor Corporation began producing the blades in Pipestone, Minnesota in 2006.[5] Suzlon reached a definitive agreement for acquisition of Belgian firm Hansen Transmissions, specializing in gearboxes for wind turbines, for $565 million in 2006 and purchased a controlling stake in Germany's Senvion valued at US$1.6 billion in 2007. In June 2007, Suzlon had signed a contract with Edison Mission Energy (EME) of the United States for delivery of 150 wind turbines.[1]

In November 2009, the company decided to sell 35% stake of Hansen for $370 million as part of its debt restructuring program and appointed Bank of America Merrill Lynch and Morgan Stanley as the managers and book runners.[6][7] In January 2011, Suzlon received an order worth US$1.28 billion for building 1000 megawatts of wind energy projects from Caparo Energy.[8] In May 2011, Suzlon announced returning to profitability for the first time after the financial crisis of 2009.[9]

In October 2011, Suzlon sold its remaining 26.06% stake in Hansen Transmissions to ZF Friedrichshafen AG for ₹8.9 billion (US$100 million).[10] In the same month, it also achieved full control of its German subsidiary REpower Systems (now Senvion) by acquiring the remaining 5% stake held by minority shareholders for EUR 63 million.[11] In line with the previously announced strategy to dispose of non-critical group assets to reduce long-term debt, Suzlon announced its intention to sell stake in its China manufacturing unit to China Power New Energy Development Company Limited for ₹3.4 billion (US$40 million).[12] In November 2013, Senvion won an Engineering, Procurement and Construction (EPC) contract from Mitsui Australia to deliver 52 wind turbines for the Bald Hills Wind Farm in Victoria, Australia.[13]

As of August 2014, Suzlon's debt increased to ₹8,000 crore (US$940 million).[14] On 22 January 2015, Suzlon announced the sale of Senvion, its wholly owned subsidiary, to Centerbridge Partners, a private equity firm in a deal valued at ₹7,200 crore (US$840 million) to reduce the debts.[15] In a further equity infusion, Dilip Shanghvi, the founder of Sun Pharmaceuticals, agreed to purchase a 23 percent stake in Suzlon for a sum of ₹1,800 crore (US$210 million).[16] The deal shrank Tanti's holding to 24 percent, but management control remained with the Tanti family. Its total borrowings stood at ₹11,430.76 (US$130) in FY15-16 from ₹17,810.96 crore (US$2.1 billion) in FY14-15.[17]

In May 2024, Suzlon secured new orders from Juniper Green Energy to develop 402 MW wind energy projects in Fatehgarh, Rajasthan. The deal includes installation of 134 wind turbine generators, each with a rated capacity of 3 MW. [18]

The market capitalization of Suzlon hits the mark of 1 lakh crore. [19]

Wind parks and facilities

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As of 2015, Suzlon had installed over 17,000 MW of wind power capacity in 18 countries.[20][21] In 2016, the company had fifteen manufacturing facilities and a workforce of over 8,000 employees globally.[22] On 17 January 2017, Suzlon Energy achieved 10,000 megawatts installed wind energy milestone in India.[23] Its notable installations in India include Jaisalmer Wind Park in Rajasthan (1064 MW),[24] Kutch in Gujarat (1100 MW),[25][26] Sakri in Maharashtra (650 MW), Eastern Ghats in Tamil Nadu (584 MW),[27] and Satara in Maharashtra (210 MW).[28]

See also

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References

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  1. ^ a b c Kumar, Nirmalya (2009). India's Global Powerhouses. Harvard Business Press. pp. 136–8. ISBN 978-1-4221-4762-7.
  2. ^ "Heroes of the Environment". Time. 17 October 2007. Archived from the original on 25 August 2013. Retrieved 26 December 2009.
  3. ^ "India's 40 Richest". Forbes. 17 November 2006. Archived from the original on 27 July 2012. Retrieved 14 February 2015.
  4. ^ Karmali, Naazneen (27 October 2006). "Wind Man". Forbes. Archived from the original on 14 January 2012. Retrieved 22 November 2011.
  5. ^ "Story of a windmill". Renewable energy world. 7 October 2010. Retrieved 1 December 2023.
  6. ^ "Suzlon: awaiting large orders". Livemint. 2 February 2010. Archived from the original on 10 April 2010. Retrieved 22 November 2011.
  7. ^ "Suzlon: Some breeze, finally". Business Standard. 2 December 2009. Archived from the original on 12 October 2012. Retrieved 22 November 2011.
  8. ^ Yep, Eric (28 January 2011). "Suzlon Energy Bags $1.28 Billion Order". The Wall Street Journal. Archived from the original on 27 June 2015. Retrieved 22 November 2011.
  9. ^ "Suzlon Press Release" (PDF). Suzlon. 14 May 2011. Retrieved 23 December 2012.
  10. ^ "Suzlon Energy to Receive $178 Million for Hansen Stake Next Week- Bloomberg". Mobile.bloomberg.com. 7 October 2011. Archived from the original on 14 May 2012. Retrieved 22 November 2011.
  11. ^ Yep, Eric (28 October 2011). "Suzlon: Completed 'Squeeze-Out' Process of REpower Minority Shareholders". The Wall Street Journal. Archived from the original on 27 June 2015. Retrieved 22 November 2011.
  12. ^ "Suzlon Group to Sell China Unit for RS 340 Crore". 23 June 2012.
  13. ^ "Suzlon to Supply 52 Turbines to Australian Wind Farm". The Hindu. Archived from the original on 15 January 2016.
  14. ^ "Aim to repay debt, turn profitable by end of FY15: Suzlon". MoneyControl. 1 August 2014. Archived from the original on 16 February 2015. Retrieved 16 February 2015.
  15. ^ "Suzlon to sell German unit to Centerbridge for €1 bn". Business Line. Chennai. 22 January 2015. Archived from the original on 15 January 2016. Retrieved 16 February 2015.
  16. ^ "Dilip Shanghvi takes 23 per cent stake in debt-laden Suzlon". Business Today. 14 February 2015. Archived from the original on 16 February 2015. Retrieved 16 February 2015.
  17. ^ "Suzlon | Suzlon to exit debt restructuring by end of FY17". Indiainfoline. Archived from the original on 14 January 2017. Retrieved 17 January 2017.
  18. ^ "Suzlon secures Wind Energy Projects from Juniper Green Energy". Machine Maker. 22 May 2024. Retrieved 26 May 2024.
  19. ^ Singh, Navdeep (9 August 2024). "Suzlon Energy hits Rs 1 lakh crore market cap; shares surge 37% since Q1 results". The Economic Times.
  20. ^ "Suzlon Group crosses 22000 megawatts in wind power installations across the world" (PDF). Suzlon. 16 December 2010. Archived (PDF) from the original on 26 September 2012. Retrieved 15 September 2012.
  21. ^ "Company Profile". Archived from the original on 6 May 2016. Retrieved 15 February 2015.
  22. ^ Company Profile: Suzlon Archived 6 May 2016 at the Wayback Machine
  23. ^ Market, Capital (17 January 2017). "Suzlon Energy gains after achieving 10,000 MW installed wind energy milestone". Business Standard India. Archived from the original on 18 January 2017. Retrieved 17 January 2017.
  24. ^ "Suzlon crosses 1 GW capacity at Jaisalmer park". The Economic Times. 11 May 2012. Archived from the original on 15 February 2015. Retrieved 15 February 2015.
  25. ^ Mishra, Lalatendu (6 November 2014). "Suzlon sets up world's tallest hybrid wind turbine in Kutch". The Hindu. Archived from the original on 7 November 2014. Retrieved 15 February 2015.
  26. ^ "Suzlon to complete Kutch wind farm in next four years, says CMD Tanti". The Indian Express. 6 November 2014. Archived from the original on 1 December 2014. Retrieved 15 February 2015.
  27. ^ "Suzlon Energy faces serious debt crisis". Archived from the original on 15 February 2015. Retrieved 15 February 2015.
  28. ^ "Among the clouds". Power Today. Retrieved 15 February 2015.
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