Dilip Shanghvi, India’s second richest person and promoter of Sun Pharmaceuticals, has acquired 23% stake in Suzlon Energy for an equity investment of Rs 1,800 crore, giving the stressed wind turbine maker a fresh dose of fund infusion.
Shanghvi will also collaborate with Suzlon for developing a 450-Mw wind farm in a 50:50 joint venture and will help it in raising non-fund working capital for projects. Shanghvi, who runs India’s largest pharma company, is being viewed as a white knight to Tulsi Tanti, group chairman of Suzlon, which has been plagued with massive debt and steep losses.