In Short : Suzlon, traditionally known for its wind energy solutions, is aiming to become a comprehensive leader in renewable energy. The company is expanding its focus beyond wind power to include other green energy solutions, such as solar and hybrid renewable systems. By diversifying its portfolio, Suzlon seeks to play a key role in India’s energy transition, offering integrated renewable solutions to meet growing clean energy demands and support the country’s sustainability goals.
In Detail : Wind turbine maker Suzlon Energy, once weighed down by debt and market volatility, is charting a new course towards sustainable growth with a robust 5 Gigawatt (GW) order book, cost reduction, innovation, and succession planning, the company’s management told Moneycontrol in an exclusive interview.
In October 2022, after weathering mounting debt and losses, the company was preparing for a Rs 1,200-crore equity rights issue when it faced another setback. Founder and Chairman Tulsi Tanti, a champion of the wind energy industry, passed away late evening on October 1. The rights issue was a success, and two years since much has changed for the Pune-headquartered company.
“Two things — cost reduction and being free of debt — are making us grow,” said JP Chalasani, Chief Executive Officer, Suzlon Group.
Girish Tanti, Co-Founder and Vice Chairman, added, “We will be self-sufficient given the cash flows we have, both from our annuity (O&M) as well as the turbine business. We do not see a need for any kind of fundraise… there will be self-sustaining growth in business.”
Shares of Suzlon Energy have surged 240 percent in one year, climbing to Rs 85 following renewed interest from investors after the company raised funds and cleared nearly Rs 1,500 crore of debt during FY 2023-24, turning net worth-positive for the first time in a decade. Institutional investors too have been looking at the company; global asset management firm BlackRock has recently taken a stake in the company.
