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Bloomberg
Indian billionaire Dilip Shanghvi intends to stay invested in unprofitable wind-turbine maker Suzlon Energy Ltd even though the company’s financial health has worsened over the last few years.
“If I look at outcome then clearly that investment hasn’t had a great outcome,†Shanghvi said in an interview in Mumbai, adding that Suzlon has to solve its own challenges.
Shanghvi, founder and managing director of India’s largest drugmaker Sun Pharmaceutical Industries Ltd, said policy hurdles were responsible for lower demand for Suzlon’s wind turbines and the resultant cash squeeze.
Shanghvi proved a white knight for Suzlon in 2015 when he bought 23 percent stake for $258 million to help the turbine maker return to profitability after it became India’s largest convertible-bond defaulter in 2012. Suzlon still hasn’t exited India’s debt-restructuring programme, missing deadlines since 2017.