NewsroomPune: Suzlon Energy Limited (SEL), worlds fifth largest* and Indias largest wind turbine manufacturer, today announced the completion of the sale of its 26.06 per cent stake in wind gearbox manufacturer Hansen Transmissions International NV to ZF Friedrichshafen AG.
The transaction follows Suzlon entering into an irrevocable undertaking on the 25th of July, 2011, with ZF Friedrichshafen AG (ZF) to accept the offer made by ZF for the entire issued share capital in Hansen Transmissions at 66 pence per share.
In accordance with the terms of the undertaking, Suzlon tendered its shares under the offer, with ZF acquiring 174,632,079 Depository Receipts in Hansen for GBP 115 million (USD 187 million).
Mr Tulsi R. Tanti, Chairman and Managing Director, Suzlon Group, said: Today’s news marks an important step towards deleveraging our balance sheet.
“We acquired Hansen in 2006 and have successfully driven its growth at by expanding capacity in Asia, making it a global and more cost-efficient player catering to the worlds leading wind power companies. We are proud of our role in building this organization and are extremely thankful to the Hansen management team for their hard work in making this a success. We look forward to a long and fruitful partnership as buyer-supplier in the years ahead.
