October 13, 2011
Suzlon concludes Hansen sale; receives Rs. 890 cr.
Pune: Suzlon Energy Limited (SEL), worlds fifth largest* and Indias largest wind turbine
manufacturer, today announced the completion of the sale of its 26.06 per cent stake in
wind gearbox manufacturer Hansen Transmissions International NV to ZF Friedrichshafen
The transaction follows Suzlon entering into an irrevocable undertaking on the 25th of July,
2011, with ZF Friedrichshafen AG (ZF) to accept the offer made by ZF for the entire issued
share capital in Hansen Transmissions at 66 pence per share.
In accordance with the terms of the undertaking, Suzlon tendered its shares under the
offer, with ZF acquiring 174,632,079 Depository Receipts in Hansen for GBP 115 million
(USD 187 million).
Mr Tulsi R. Tanti, Chairman and Managing Director, Suzlon Group, said: Today's
news marks an important step towards deleveraging our balance sheet.
"We acquired Hansen in 2006 and have successfully driven its growth at by expanding
capacity in Asia, making it a global and more cost-efficient player catering to the worlds
leading wind power companies. We are proud of our role in building this organization and
are extremely thankful to the Hansen management team for their hard work in making this
a success. We look forward to a long and fruitful partnership as buyer-supplier in the years