India`s Suzlon to exit debt Restructuring by March 2017

India's Suzlon Energy Ltd hopes to exit a process of corporate debt restructuring by March 2017, its chairman said on Thursday, a turnaround for a company that four years ago reeled under heavy debt after an ill-advised overseas expansion..Get live Indian Stock Market News Updates visit us : http://www.ripplesadvisory.com/aboutus.php or Get Two Days Free Trial just on One Missed Call @98-27-80-80-90 

 

Suzlon's purchase of German wind energy firm RePower, now renamed Senvion, for 1.4 billion euros ($1.56 billion) in 2007 proved a costly mistake after the 2008 global financial crisis dented demand for wind turbines. The debt taken on to purchase the company badly hurt Suzlon, leading it to post India's biggest default in foreign currency convertible debt in 2012. 

 

It also forced Suzlon to enter corporate debt restructuring (CDR) in 2013, a formal process in India under which companies that face difficulties in repaying their loans can work with banks to restructure their debt. But founder and chairman Tulsi Tanti said Suzlon has steadily rebuilt its business by focusing on its domestic business, helped by a strong push by Prime Minister Narendra Modi's government towards renewable energy.