Suzlon to float subsidiary in London
India’s largest wind power company by sales, plans to push ahead with a $600m London flotation of its German subsidiary in the next six months, in spite of concerns about the record of London-listed companies based in emerging markets.
The initial public offering forms part of a new capital-raising push by the once high-flying renewables group, which also plans to raise $600m in fresh US dollar-denominated debt, founder Tulsi Tanti said.
“Our plan is to raise about $1.2bn of debt and equity, and to reduce our existing rupee debt,” he said. “We are working with my Indian bankers, and my German company’s bankers?.?.?.?I don’t think it will be an issue.”
Mr Tanti said Suzlon, which is also the world’s fifth-largest wind turbine maker, would float at least 25 per cent of Hamburg-based Senvion, which it bought under its former name Repower for $1.7bn in 2007.