Suzlon has annouced it will sell stake in its China manufacturing subsidiary to China Power New Energy (CPNE) Development Company.
The two companies signed a binding term-sheet on June 22, 2012, for the sale of Suzlon Group's China manufacturing subsidiary, Suzlon Energy Tianjin Limited to CPNE, with the majority of its assets and liabilities, for approximately $60 million. Suzlon Group established its marketing operations in China in 2005 and followed it up by setting up a wholly-owned manufacturing facility in 2006. The company has installed over 900 MW of wind capacity in China till date.
The two companies signed a binding term-sheet on June 22, 2012, for the sale of Suzlon Group's China manufacturing subsidiary, Suzlon Energy Tianjin Limited to CPNE, with the majority of its assets and liabilities, for approximately $60 million. Suzlon Group established its marketing operations in China in 2005 and followed it up by setting up a wholly-owned manufacturing facility in 2006. The company has installed over 900 MW of wind capacity in China till date.
