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Suzlon Energy to sell windfarms across India for $40 million

The windfarms are located across India, with a majority of the assets in Tamil Nadu, and the transaction is scheduled to conclude in May.

BT Online Bureau | April 4, 2012 | Updated 13:57 IST

Suzlon Energy, the wind turbine maker, will sell a block of its windfarm assets for $40 million (Rs 200 crore). The windfarms are located across India, with a majority of the assets in Tamil Nadu, the company said on Wednesday.

"Suzlon Group announced the sale of a block of wind assets for approximately $40 million," a statement to the Bombay Stock Exchange read.

The transaction is scheduled to conclude next month after completion of due diligence and requisite approvals.

"We are divesting in certain non-core assets and are set to raise approximately $40 million as per our plan outlined in February this year," Kirti Vagadia, Chief Financial Officer Suzlon Group said.

Shares of the company were trading at Rs 25.20, down 1.75 per cent, on BSE.

With PTI inputs

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