This Article is From Oct 31, 2014

Suzlon Posts Loss of Rs 656 Crore in Q2, Logs Rise in Income

New Delhi: Wind turbine maker Suzlon Energy on Friday posted a net loss of Rs 656.21 crore for the second quarter ended September 2014.

The company had reported a net loss of Rs 782.37 crore for the quarter ended September 2014.

Total income during the quarter under review increased to Rs 5,391.76 crore from Rs 4,820.54 crore a year ago.

Suzlon plans to list its German subsidiary - Senvion - on the London Stock Exchange through an initial public offering (IPO) which is likely to garner close to Rs 7,000 crore.

"Globally, we will leverage Senvion's leadership in off-shore technology to capitalise on the growing demand in the offshore segment. The Indian market has witnessed a positive impact of the government's thrust on clean energy and policy reforms," Suzlon Group chairman Tulsi Tanti said in a statement.

Last year, the company renamed its subsidiary REpower as Senvion. REpower, which was founded in 2001, was acquired by Suzlon Energy in December 2009.

"We have launched new products and will continue to invest in technology to provide clean and affordable energy for all," he added.

Meanwhile, Suzlon, which is planning a business revival strategy, has set a target of raising Rs 1,000 crore through sale of its non-core assets in the ongoing fiscal year (2014-15).

The company's order book stood at $6.3 billion, as of September 30.

Shares in Suzlon, on Friday, ended at Rs 13.45 apiece on the BSE, up 1.97 per cent from the previous close.