Renewable power firm giant Suzlon Energy sells its solar power subsidiary Vayudoot Solarfarms

According to a regulatory filing, Suzlon Energy Ltd has sold entire 51.05% stake in its green power subsidiary Vayudoot Solarfarms Ltd to Aries Renewables Pvt Ltd for Rs 142.3 million.

Now Vayudoot Solarfarms isn't a subsidiary of the renewable energy firm anymore. Vayudoot Solarfarms' turnover for the year 2021-22 was Rs 145 million, and its net worth reached more than Rs 242 million.

Shares of Suzlon Energy were trading 2.1% higher on the National Stock Exchange after that. The maker of wind turbines had a debt of about Rs 3,200 crore, which it hopes to clear in the next eight years. In October this year, it also launched a rights issue to repay Rs 585 crore of its dues for now.

Over the years, Suzlon has been able to weather a crisis as it once struggled to pay back a debt of Rs 6,500 crore. It's founder and chairman Tulsi Tanti also died earlier this year in October. Vayudoot Solarfarms was set up as a special purpose vehicle by Suzlon in 2015, as the wind energy giant turned towards harnessing solar power.

Suzlon currently enjoys a presence in 17 countries, and has also secured orders from Adani Green Energy, to provide wind power.

Published on: Monday, December 05, 2022, 04:23 PM IST