THE Tulsi Tanti family, promoters of Indiaâ€™s largest wind turbine manufacturer Suzlon Energy, has sold its wind power firm Super Wind Projects to Kolkata based engineering, procurement and construction (EPC) services provider Techno Electric and Engineering Company for around Rs 250 crore.
Super Wind Projects, a privately owned business of the Tanti family, has wind power assets having generation capacity of 45 megawatt (MW), which was commissioned a few months ago. The assets are located in Tamil Nadu and Karnataka.
â€œItâ€™s like any other business transaction for the promoters and does not involve significant amount,â€ a person privy to the transaction, who did not want to be named, said.
He added that the transaction was done at the market rate, which was then prevailing at Rs 6 crore per mega watt.
Repeated calls to Tulsi Tanti went unanswered, and a Suzlon Energy spokesperson declined to comment on the development saying the transaction pertains to the asset owned by the Tanti Family and is not related to the company.
An email query on the transaction value to public listed firm Techno Electric did not elicit any response.
But Techno Electric had recently informed BSE about its move to acquire 100% ownership of Super Wind Project Pvt Ltd without giving details of the transaction.
Suzlon Energy closed 1.33% down at Rs 85.55. Techno Electric closed up 3.85% at Rs 149.60.
As a group, Suzlon has been looking to raise money to reduce debt levels and fund expansion plans besides ensuring flexibility in cash flows.
In July this year, the company had announced its plan to raise $400 million through the issue of either American Depository Receipts or Global Depository Receipts.
The $5.4-billion Suzlon Energy is the largest wind turbine manufacturer in Asia and has installed capacity of more than 7,000 MW world-wide. The company has several manufacturing plants in India including Puducherry, Daman, Bhuj and Gandhidham as well as in mainland China, Germany and Belgium.
Some of the other wind turbine manufacturers in India include GE Energy, Vestas Wind Technology, Kenersys India, Southern Windfarms, Shriram Leitwind and Enercon India. The energy companies have been eyeing wind power as an alternative to coal and gas-based power for some time now.
As of November 2008, the installed capacity of wind power in India was 9,587.14 MW, mainly spread across Tamil Nadu, Maharashtra, Karnataka, Rajasthan, Gujarat, Andhra Pradesh, Madhya Pradesh, Kerala and West Bengal.
Wind power accounts for 6% of Indiaâ€™s total installed power capacity. It is estimated that 6,000 MW of additional wind power capacity will be installed in India by 2012.
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