Suzlon publishes account on major non-performing debt

More than half of Suzlon's bank debt of about EUR 1.75 billion was due nearly one year ago, according to a document the OEM has been forced to publish.

Photo: Suzlon

Suzlon owes a lot of money, and a large part of that should have been paid. This fact is hardly surprising, but now an official account of the extent of the Indian wind turbine maker's financial woes has been put forth. This happens after a tightening-up by Indian stock market authorities for the first time has forced a number of companies to make their due debts known to the exchange – among these, Suzlon.

The document states that the manufacturer's total debt amounts to INR 140.5 billion (EUR 1.75 billion). Of this sum, the vast majority is owed to a State Bank of India-led consortium of 18 banks and Indian Renewable Energy Development Agency (IREDA), amounting to INR 127.9 billion. Besides that, the turbine marker's liabilities include a previously reported outstanding debt in the form of foreign currency convertible bonds totaling INR 12.6 billion.

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