Suzlon Group sells 75% stake in China subsidiary to Poly LongMa Energy

Sep 19, 2013, 09.18 AM IST

Suzlon Group has entered into an agreement with China�s Poly LongMa Energy (Dalian) to divest 75 percent stake in its China-based manufacturing subsidiary � Suzlon Energy Tianjin Limited (SETL) � for USD 28 mn, with the first tranche of payment completed as per the terms of the agreement.

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Suzlon Group sells 75% stake in China subsidiary to Poly LongMa Energy

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Suzlon Energy Ltd has informed BSE regarding a Press Release dated September 18, 2013 titled "Suzlon Group sells 75% stake in China subsidiary to Poly LongMa Energy (Dalian) Ltd". Suzlon Group has entered into an agreement with China�s Poly LongMa Energy (Dalian) to divest 75 percent stake in its China-based manufacturing subsidiary � Suzlon Energy Tianjin Limited (SETL) � for USD 28 mn, with the first tranche of payment completed as per the terms of the agreement. Suzlon Group will continue to own 25 per cent share in the company and participate in its operations as joint venture partner.Source : BSE

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