Suzlon Group, India’s largest renewable energy solutions provider, announced the completion of its Debt Restructuring with the unanimous approval of secured lenders. It also replaces the balance of debt it owes to its lenders with debt securities and shares. With this, the term debt of the company has reduced substantially with an interest of 9% per annum, repayable over 10 years starting 1st July’20.
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 a 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 demonstrate their commitment and confidence in Suzlon. The Wind Energy sector in India is at an inflexion 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.”
