Can Suzlon ride out the storm?
Last week, Suzlon Energy defaulted on $221 million worth of foreign currency convertible bonds (FCCBs) — the biggest ever default by an Indian company — as bondholders refused to grant four months’ extension sought by the company. The default has raised a question mark over the survival of the beleaguered wind-turbine maker.
Not so long ago, Chairman Tulsi Tanti was a symbol of what India Inc could do in a globalised world. In a little over 10 years, he transformed Suzlon from a three-man start-up to India’s wind energy goliath and one of the world’s leading wind-turbine makers.