Suzlon to spread wings in Latin America
Nov 15 2010
“The company seeks to expand footprint into emerging markets for large scale sales. We will shortly set up offices in Mexico and Argentina,” Tanti said.
Suzlon chief said the company’s present order book has swelled to $5 billion. The company’s scrip closed at Rs 54.05, down 1.82 per cent, on the Bombay Stock Exchange on Monday.
Suzlon has evolved a strategy to develop new range of products and improve quality and availability of existing products.
The company’s loss widened to Rs 912 crore in first quarter of this financial year from Rs 452 crore in the year-ago period. The loss was attributed to lower volumes and notional foreign exchange loss of Rs 250 crore. The consolidated income declined to Rs 2,399 crore from Rs 4,153 crore in the corresponding period last year.
Suzlon expects to leverage on potential orders from China, Brazil, Venezuela and South Africa. China is the world’s largest market for wind energy with an installed capacity of 35,000 mw, while India’s installed capacity for wind energy stands at 11,000 mw. China is aiming to increase its share of non-fossil energy to 15 per cent by 2020.
Suzlon has design and R&D teams and facilities in Germany, India and the Netherlands. The international sales business is managed out of Aarhus, Denmark, while its global management office is in Pune.
Suzlon Energy has recently concluded debt refinancing and consolidation of Rs 10,690 crore. It has also completed a rights issue of Rs 1,188 crore in order to reduce debt.