Suzlon Restructures Overseas Subsidiaries to Reduce Costs
The board also reappointed Tulsi Tanti, the company’s chairman and founder, for a further term of five years.
(Bloomberg) -- Suzlon Energy Ltd. said it will streamline the legal entities it controls, consolidating its operations outside India under two companies as part of continuing efforts to cut costs and cope with increasing competition in wind turbine manufacturing.
International businesses will fall under Suzlon Energy Ltd., which is incorporated in Mauritius and referred to as ‘SELM,’ and under Tarilo Holdings BV in the Netherlands, according to a company filing with on Thursday.
The board also reappointed Tulsi Tanti, the company’s chairman and founder, for a further term of five years.
Suzlon has installations of 16 gigawatts wind energy capacity worldwide, of which 10 gigawatts are in India. It returned to profit in the fiscal third quarter after sales at one of India’s biggest wind turbine makers surged by 76 percent.
To contact the reporter on this story: Anindya Upadhyay in New Delhi at aupadhyay22@bloomberg.net.
To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net, Jonathan Tirone