25th-Jun-2012 10:04Source: BSE

Suzlon Energy - Suzlon Group to realize US$ 60 mn by selling China manufacturing subsidiary

Suzlon Energy has entered in to a biding agreement to sell its equity in its wholly owned China manufacturing subsidiary to China Power (Tianjin) New Energy Development Company Limited (CPNE). The two companies signed a biding term sheet on June 22, 2012 for the sale of Suzlon Group’s manufacturing subsidiary – Suzlon Energy Tianjin Limited – to CPNE, with the majority of assets and liabilities, foe approximately USD 60 million / RMB 384 mn / Rs 340 cr. The sale is subject to requisite regularity approvals.