Dilip Shanghvi, India’s second richest person and promoter of Sun Pharmaceuticals, has acquired 23% stake in Suzlon Energy for an equity investment of Rs 1,800 crore, giving the stressed wind turbine maker a fresh dose of fund infusion.
Shanghvi will also collaborate with Suzlon for developing a 450-Mw wind farm in a 50:50 joint venture and will help it in raising non-fund working capital for projects. Shanghvi, who runs India’s largest pharma company, is being viewed as a white knight to Tulsi Tanti, group chairman of Suzlon, which has been plagued with massive debt and steep losses.
Suzlon Energy is currently trading at Rs. 22.50, up by 3.35 points or 17.49 % from its previous closing of Rs. 19.15 on the BSE.
Shanghvi will also collaborate with Suzlon for developing a 450-Mw wind farm in a 50:50 joint venture and will help it in raising non-fund working capital for projects. Shanghvi, who runs India’s largest pharma company, is being viewed as a white knight to Tulsi Tanti, group chairman of Suzlon, which has been plagued with massive debt and steep losses.
Suzlon Energy is currently trading at Rs. 22.50, up by 3.35 points or 17.49 % from its previous closing of Rs. 19.15 on the BSE.
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