In a media statement, Dilip Shanghvi said that his firm had a successful association with Suzlon and the Tanti family for eight years. They signed an agreement in 2015 to invest in Suzlon and support its growth and market share recovery efforts. However, they have now decided to terminate the formal shareholder's agreement signed in 2015.

In February 2020, the board of Suzlon, a renewable energy company, approved a debt restructuring proposal for itself and its identified subsidiaries. The proposal involved issuing up to 100 crore equity shares, up to 4.1 lakh secured convertible debentures, and up to 50 crore warrants. Additionally, the board approved the issuance of equity shares or equity linked instruments worth Rs 1,000 crore. Some of the beneficiaries of these shares or instruments included Shanghvi Finance, Aditya Medisales, and other members of Dilip Shanghvi's family. Dilip Shanghvi, the promoter of Sun Pharma, had previously acquired a 23% stake in Suzlon Energy in 2015. Furthermore, Shanghvi expressed an intention to fully participate in a rights issue through which Suzlon raised Rs 1,200 crore in 2022. As a result, the Shanghvi family's cumulative stake in Suzlon reached 23%, following the allotment of 1 crore shares to the family members and companies owned by Shanghvi.

As of August 14, Suzlon's promoters held a 13.29% stake, while the Shanghvi family and corporate bodies held a 12.72% stake. Shanghvi had also planned a joint venture with Suzlon for wind farm development and providing working capital facilities.

The Suzlon Group is one of the leading renewable energy solutions provider in the world with presence in 17 countries. The company's consolidated net profit tumbled 95.85% to Rs 100.90 crore in Q1 FY24 as compared with Rs 2,433.33 crore posted in Q1 FY23. Revenue from operations declined 2.18% year on year (YoY) to Rs 1,347.52 crore in the quarter ended 30 June 2023.

Shares of Suzlon Energy rose 1.88% to Rs 25.98 on 27 September 2023.