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What went wrong with Suzlon Energy?
Mon, Jul 16, 2012 at 16:51
Suzlon Energy's promoter and Chairman Tulsi Tanti took pay cut of Rs 1.46 crore last year as the company grappled with losses, according to the wind turbine maker's annual report. For the year ended March 31, Suzlon incurred a net loss of Rs 479 crore. It was once the darling among new renewable energy companies. But despite being among the world's top wind turbine makers, today it is bogged down under mountains of debt and uncertainties if it will be able to honor its FCCB (foreign currency convertible bonds) holders. Add to that slowdown in demand amid the overall global economic crisis has made matters worse. So what went wrong?