As high levels of corporate debt trigger a wave of divestments, Nandini Lakshman explores the challenges of selling assets in troubled times
Indian companies are on an asset shedding spree. Suzlon Energy, India’s largest wind turbine maker, has found an American buyer – EverPower Wind Holdings – for a US wind park it took over earlier this year in a bid to recover around US$228 million it was owed by Edison Mission Energy. Suzlon, which has a debt pile of US$2.37 billion, had supplied turbines for the farm.
This isn’t Suzlon’s only recent divestment. Six months ago the company sold a 75% stake in its Chinese subsidiary – Suzlon Energy Tianjin – to Poly LongMa Energy. And after quashing long-standing rumours about selling its crown jewel – the German company REpower (now renamed Senvion) – Suzlon is gearing up to list it on the London Stock Exchange later this year.
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