Pharma Tips

Sun Pharma to buy 23% (USD 290 million) stake in Suzlon

By: Pharma News | Views: 1444 | Date: 03-Mar-2015

Dilip Sanghvi, the founder of Sun Pharmaceutical Industries, has agreed to buy a 23 per cent stake in Indian wind turbine maker Suzlon Energy for about $290 million, the company said late on Friday.


Dilip Shanghvi to buy 23 percent stake in Suzlon for USD 290 million

Dilip Sanghvi, the founder of Sun Pharmaceutical Industries, has agreed to buy a 23 per cent stake in Indian wind turbine maker Suzlon Energy for about $290 million, the company said late on Friday.


Sanghvi, India's second-richest man, will pay Rs 1,800 crore through Dilip Sanghvi Family and Associates (DSA) for 100 crore new shares in Suzlon, issued by way of a preferential allotment.

Sanghvi's investment firm and Suzlon will also form a wind farm joint venture for the development of 450 megawatt (MW) of wind farms, the statement said.

Loss-making Suzlon has been under pressure over the last few years due to a slowdown in global turbine sales and a growing debt pile. It was forced to restructure $1.8 billion of debt after defaulting on a $200 million convertible bond redemption in 2012.

The deal will provide Suzlon with much needed liquidity and the company said it would also use the cash to tap opportunities in India and growth markets like the United States, China, Brazil, South Africa, Turkey and Mexico.

Suzlon shares have risen 15 per cent in the past week on media reports of Sanghvi's interest in investing in the company in a personal capacity. The company last week denied having received a proposal from Sanghvi.

Suzlon sold its German unit Senvion SE to buyout firm Centerbridge Partners last month for 1 billion euros in an all-cash deal, part of the company's plans to halve rupee debt by March 31.

Footnote: An earlier version of the story mentioned that Sun Pharma will invest Rs 29,000 crore, it's actually $290 million. It has been corrected now.

Previous Page Next Page

People Searching On This Page:
  • CEO of Sun pharma
  • sun pharma dilip shanghvi

Related Pages


BSC/ MSC/ B.Pharma/ M.Pharma Jobs as Quality Assurance Jobs in Sun Pharma

BSC/ MSC/ B.Pharma/ M.Pharma Jobs as Quality Assurance Jobs in Sun Pharma

Jobs | Quality Assurance
Date:
21-Dec-2016  Views: 41629

Sun Pharma ranks amongst India's largest pharma companies We’ve built a reputation for speciality therapy leadership and faster- than-industry growth ...
Sun Pharma to acquire Russian firm Biosintez for $24 million

Sun Pharma to acquire Russian firm Biosintez for $24 million

News | Pharma Companies
Date:
29-Nov-2016  Views: 2597

Sun Pharmaceutical Industries Ltd has inked definitive agreements to acquire 85.1% stake in Russian company, JSC Biosintez, for $24 million, a move ai ...
Sun Pharma said to be in talks to buy Intas Pharma for $2.3B

Sun Pharma said to be in talks to buy Intas Pharma for $2.3B

News | Pharma Companies
Date:
23-Dec-2015  Views: 20553

India's Sun Pharmaceutical Industries is said to be on the hunt again for another major acquisition and is said to be in talks to buy its domestic riv ...
Sun Pharma to acquire US-based InSite Vision for $48 million

Sun Pharma to acquire US-based InSite Vision for $48 million

News | Pharma Companies
Date:
19-Sep-2015  Views: 4311

Mumbai: One of the subsidiaries of Sun Pharmaceutical Industries Ltd, the largest Indian drugmaker, has entered into an agreement to acquire US-based ...
Sun Pharma buys GSK’s Opiates business in Australia

Sun Pharma buys GSK’s Opiates business in Australia

News | Pharma Companies
Date:
03-Mar-2015  Views: 1050

The current GSK Opiates business including related manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria) and its portfolio products alon ...
Post Your Comments (No Login Require)
Name : (required)
Email : (required)
Website :

Comment : (required)

17  + 5 =     
Comments
People Searched About:
CEO Of Sun Pharma   |   Sun Pharma Dilip Shanghvi   |  
Google : 259 times | Yahoo : 16 times | Bing : 5 times |