Suzlon Sells Balance Stake in Subsidiary Vayudoot Solarfarms for ₹142.3 Million
Suzlon sold 51.05% stake in the subsidiary to Aries Renewables
Wind turbine maker Suzlon has approved the sale of its remaining stake of 51.05% in the subsidiary Vayudoot Solarfarms to Ahmedabad-based Aries Renewables on December 3, the company said in a National Stock Exchange filing.
Suzlon sold the balance stake for a consideration of ₹142.3 million (~$1.7 million).
Vayudoot’s turnover for the financial year ending on March 31, 2022, stood at ₹145 million (~$1.75 million), and its net worth was ₹242 million (~$2.9 million).
As an established wind developer, Suzlon has installed over 19.5 GW of wind energy powering 12.72 million households annually and mitigating 50.23 million tons of carbon dioxide emissions annually. Suzlon’s assets in wind turbine generators (WTG) amount to over $11 billion globally. The company uses advanced infrastructure to service over 9,500 WTGs with a total installed capacity of over 14 GW.
Suzlon operates across 17 countries and has 14 manufacturing and eight research and development (R&D) units worldwide.
Last month, Suzlon announced raising ₹12 billion (~$145.5 million) through a rights issue of 2.4 billion partly paid-up equity shares. The issue was oversubscribed 1.8 times.
The company’s profit soared by 555% to ₹564.7 million (~$6.8 million) during the second quarter of 2022 compared to the loss of ₹124 million (~$1.5 million) in the same period last year.
Suzlon announced earlier this year that it would develop 144.9 MW wind power projects for the Aditya Birla Group. The turbine maker will install 69 units of wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 2.1 MW each.
In October this year, Suzlon also bagged the order to supply 48.3 MW wind power projects by Adani Green Energy, Adani Group’s renewable arm. The project is in the Kutch district of Gujarat and will likely be commissioned by 2023.
Earlier this year, the wind turbine maker announced that it won an order to develop a 180.6 MW wind power project for Sembcorp’s renewables subsidiary Green Infra Wind Energy.