India’s Suzlon to exit debt restructuring by March 2017 – chairman – Business Standard

By Promit Mukherjee

MUMBAI (Reuters) – India’s Suzlon Energy Ltd hopes to exit a process of corporate debt restructuring by March 2017, its chairman said on Thursday, a turnaround for a company that four years ago reeled under heavy debt after an ill-advised overseas expansion.

Suzlon’s purchase of German wind energy firm RePower, now renamed Senvion, for 1.4 billion euros ($1.56 billion) in 2007 proved a costly mistake after the 2008 global financial crisis dented demand for wind turbines.

The debt taken on to purchase the company badly hurt Suzlon, leading it to post India’s biggest default in foreign currency convertible debt in 2012.

It also forced Suzlon to enter corporate debt restructuring (CDR) in 2013, a f…

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