Suzlon Energy Announces Sale Of Its Subsidiaries
Suzlon Energy Limited informs that in terms of Share Subscription / Share Purchase and Shareholders' Agreement executed by the Company and CLP Wind Farms (India) Private Limited ("CLP") with (a) SE Solar Limited ("SE Solar") and (b) Gale Solarfarms Limited ("Gale"), the subsidiaries of the Company, the Company has completed sale of securities of SE Solar and Gale held by the Company to CLP and accordingly SE Solar and Gale have ceased to be subsidiaries of the Company.
The turnover of SE Solar for the financial year ended 31st March 2018 was Rs. 54.43 Crores and the net worth of SE Solar as on 31stt March 2018 was Rs. 159.55 Crores. The Company sold its balance stake in SE Solar for a consideration of Rs.76.55 Crores.
The turnover of Gale for the financial year ended 31st March 2018 was Rs. 0.72 Crores and the net worth of Gale as on 31st March 2018 was Rs. 32.03 Crores. The Company sold its balance stake in Gale for consideration of Rs. 22.54 Crores.