Suzlon agrees to sell German arm Senvion SE for Rs 7,200 crore

Suzlon has agreed to sell its German unit Senvion SE to Centerbridge Partners LP for 1 billion euros (Rs 7,200 crore) in an all-cash deal, the Pune-based wind turbine manufacturer said on Thursday.

The companies have signed a binding agreement, which also has a future earn-out clause of an additional 50 million euros, they said in a statement.

Suzlon, which has been under pressure in the last few years from a slowdown in global turbine sales and its debt pile, had to restructure US $1.8 billion debt after defaulting on a convertible bond redemption in 2012 worth US $200 million.

(Reuters)