|
Suzlon Group announced the completion of its Debt Restructuring. Tulsi Tanti, Founder and CMD, Suzlon Group, said “Consortium of lenders led by State Bank of India and the Company have worked together to protect the interests of all the stakeholders involved, thereby protecting the Indian Wind Energy sector, saving thousands of direct and indirect jobs,
ensuring the survival of large number of MSME vendors and protecting ~13 GW of operating wind energy assets of the nation. This initiative takes us a step forward to stay ATMANIRBHAR in manufacturing of wind turbines and its components, making India the supply chain hub for the
Global Wind sector. We sincerely appreciate the support of all the lenders led by SBI, FCCB holders, our shareholders, vendors, customers and Suzlon family for their unwavering trust and confidence in the Company in challenging times and during the unprecedented COVID-19 crisis.”
J P Chalasani, Group CEO, said, “We are pleased to have implemented our Debt Restructuring with
unanimous approval from the consortium lenders and 99.9% of our FCCB holders. Capital infusion of
Rs. 392 crores by promoters, key shareholder and various stakeholders demonstrates their
commitment and confidence in Suzlon. The Wind Energy sector in India is at an inflection point and our
Debt Restructuring has resulted in a stronger balance sheet enabling the Company to focus on
capturing the tremendous growth potential in the Indian Wind Energy sector."
Swapnil Jain, CFO, said, “This Debt Restructuring will ease the pressure on our cash flows significantly
and give us headroom for ramping up business operations. We have reduced our fixed cost steeply and
brought down the interest costs by more than 70%. This has resulted in substantial reduction in the
break-even point from pre-restructuring levels ensuring a long term sustainable business case. It
improves our overall competitiveness in the market place and now Suzlon is back to business from a
position of strength.”
|