page_title: Suzlon
section_title: History
hierarchical_section_title: Suzlon / History
caption_attribution_description: English: Powering A Greener Tomorrow
context_page_description: Suzlon Energy Ltd. is an Indian wind turbine supplier based in Pune, India. It was formerly ranked by MAKE as the world's fifth largest wind turbine supplier. It has since dropped out of the Global top ten rankings due to extensive losses and inability to repay debts.
  The company's website claims to have over 17,000 MW of wind energy capacity installed globally, with operations across 18 countries and a workforce of over 8,000. Despite financial issues, it continues to be a major manufacturer of wind turbines; in 2016, the company posted a profit EBITDA after accruing losses over seven consecutive years.
  The company is listed on the National Stock Exchange of India and on the Bombay Stock Exchange. Though once considered a favourable stock, and a favourite of the stock broker Rakesh Jhunjhunwala, it fell out of favour as the company posted continuous losses. It fell from a high of Rs. 68.75 in 2010 to a low of Rs. 18.5 in 2014, with a single day drop of 10% in September 2014. It continues to trade low at less than Rs. 3.5 per share in Sep-2019.
context_section_description: In 1995, founder Tulsi Tanti was managing a 20-employee textile company. Due to the erratic availability of power locally, and its rising costs, the highest business expenditure after the raw materials was electricity. The cost of electricity also offset any profits made by the company. After providing electricity for his own company, Tanti moved into wind energy production as a way to secure the textile company's energy needs, and founded Suzlon Energy. Suzlon adopted a business model wherein clients would be responsible for 25% of the up-front capital investment and Suzlon would arrange the remaining 75% on loan. Initially, banks were hesitant to fund loans for this model, but by 2008, many Indian banks started financing wind power projects for Suzlon clients.
  In 2001, Tanti sold off the textile business; Suzlon is still actively run by Tulsi Tanti, now in the role of Chairman, Suzlon Group.
  In 2003, Suzlon got its first order in USA from DanMar & Associates to supply 24 turbines in southwestern Minnesota. Also in 2003 Suzlon set up an office in Beijing.
  Suzlon Rotor Corporation in 2006 began producing the blades in Pipestone, Minnesota in the United States.  Among its clients is Wind Capital Group.
  In the year 2006, Suzlon reached a definitive agreement for acquisition of Belgium firm Hansen Transmissions, specializing in gearboxes for wind turbines, for $565 million. In 2007, the company purchased a controlling stake in Germany's Senvion (then operating as REpower Systems) which valued the firm at US$1.6 billion.
  In June 2007, Suzlon had signed a contract with Edison Mission Energy (EME) of US for delivery of 150 wind turbines of 2.1 megawatts in 2008 and a similar volume to be delivered in 2009. EME had an option not to purchase the 150 turbines due to be delivered in 2009, which it has chosen to exercise.
  In November 2009, the company decided to sell 35% stake of Hansen for $370 million as part of its debt restructuring program, through placing new shares. It appointed Bank of America Merrill Lynch and Morgan Stanley as the managers and book runners for the same.
  In January 2011, Suzlon received an order worth US$1.28 billion for building 1000 megawatts of wind energy projects from the Indian branch of the Lord Swaraj Paul-owned Caparo Energy Ltd.
  In May 2011, Suzlon announced returning to profitability after the financial crisis of 2009
  In October 2011, Suzlon sold its remaining 26.06% stake in Hansen Transmissions International NV to ZF Friedrichshafen AG for ₹8.9 billion (US$120 million).
  
  In the same month, it also achieved full control of its German subsidiary REpower Systems (now Senvion) by acquiring the remaining 5% stake held by minority shareholders that resisted the takeover. The takeover was completed through the squeeze-out procedure by paying EUR 63 Million.
  It has to redeem 500 million worth of FCCB's (foreign currency convertible bonds) in 2012 in tranches of 300 million in June and 200 million in October respectively.
  In line with the previously announced strategy to dispose of non-critical group assets to reduce long-term debt, Suzlon Chairman said that Suzlon Energy, will sell stake in its China manufacturing unit to China Power New Energy Development Company Limited for 3.4 billion rupees ($60 million).
  On 30 November 2013 the Suzlon Group subsidiary REpower Systems (now Senvion SE) won an Engineering, Procurement and Construction (EPC) contract from Mitsui & Co (Australia) Ltd to deliver 52 wind turbines with a total rated output of 106.6 MW for the Bald Hills Wind Farm in Victoria, Australia.
  As of August 2014, Suzlon's debt was over ₹ 8000 crores. On 22 January 2015, Suzlon announced the sale of Senvion SE, its wholly owned subsidiary, to Centerbridge Partners, a private equity firm in a deal valued at ₹ 7200 crores. The deal is expected to ease Suzlon's debt burden. In a further equity infusion, Dilip Shanghvi Family and Associates (DSA), run by Dilip Shanghvi, the founder and managing directory of Sun Pharmaceutical, agreed to purchase a 23 percent stake in Suzlon for a sum of ₹1800 crores.
caption: Rainbow behind the Suzlon WTG
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