India: Suzlon Avoids Selling Repower
Since March 1, Suzlon Energy Ltd. rose 6.7 percent in Mumbai trading on its path to raise USD 800 million and thus avoid selling of its Repower Systems AG.
As the Bloomberg reports, the company plans to gain the whole amount this year through loans and a bond sale. Recently, 20 banks agreed to extend a term loan worth USD 300 million, and Suzlon is working out possible manners of selling USD 500 million of high-yield bonds.
The company is also engaged in acquiring capital from less significant assets, whilst Repower embodies its crucial asset that is not for sale.
Tulsi Tanti, Suzlon Founder, met Alstom SA, General Electric Co. and Siemens AG in March to discuss a possible sale. But any discussions about the matter are likely to be discontinued, if the bank loan agreement sets off.
Offshore WIND staff, May 21, 2012; Image: Repower