Suzlon Group, the world’s fifth largest wind turbine maker, has entered into an agreement with China’s Poly LongMa Energy (Dalian) - a conglomerate focused on conventional and green energy investments - to divest 75 percent stake in its China-based manufacturing subsidiary - Suzlon Energy Tianjin (SETL) - for $28 million, with the first tranche of payment completed per the terms of the agreement. Suzlon Group will continue to own 25 percent share in the company and participate in its operations as joint venture partner.
Thereafter, Poly LongMa Energy (Dalian) will lead marketing and sales operations in China, with Suzlon acting as technology partner with its existing China portfolio -including the S66-1.25 MW, S82-1.5 MW and S88-2.1 MW turbines, and manage manufacturing and quality for the venture.
Suzlon Group comprises of Suzlon Energy and its subsidiaries, including Repower Systems SE. Suzlon Energy is leader in wind energy in the India, which is world’s fifth largest wind energy market.
| Company Name | CMP |
|---|---|
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| Apar Inds | 12844.45 |
| ABB India | 6382.45 |
| Waaree Energies | 3209.05 |
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