| MUMBAI, June 29
MUMBAI, June 29 India's Suzlon Energy (SUZL.BO)
aims to look at selling assets and shares to lower its debt,
which quadrupled to $2.45 billion in the fiscal year ended
March, a senior company official said on Monday.
The company's debt had ballooned following heavy borrowings
to buy Germany-based REpower Systems RPWGn.DE, an acquisition
that made Suzlon the world's fifth-largest wind turbine maker.
Chief Operating Officer Sumant Sinha told Reuters the debt
reduction plan would depend upon market conditions and there
was no target.
"If the markets are very bad, if we are not getting
internal cash flow generation and the equity market is also not
supportive, then we may look at asset sales," he said.
The company will look at a share sale if the stock market
was upbeat, he said.
Suzlon, which has operations in the United States, Europe
and China, said on Sunday it expected consolidated net profit
in 2009/10 to rise on flat revenues as one-time costs come
It had raised its holding in Repower to 90.72 percent his
month by acquiring a stake in tranches from Portugal's Martifer
Suzlon said on Monday its board had approved raising up to
50 billion rupees ($1 billion) through an issue of equity, debt
or other instruments. [ID:nBMB005674] "We don't have any
specific fund raising plans," Sinha said, this was an enabling
resolution that would give the company flexibility to raise
funds when needed.
Shares in Suzlon, which has a market value of $3.8 billion,
ended down 5 percent at 117.10 rupees in a flat Mumbai market.
The stock has risen 88 percent this year after tumbling 84
percent in 2008.
($1=48.1 rupees) (Editing by Ranjit Gangadharan)