The Pune-based manufacturer has been embattled after Prime Minister Narendra Modi’s government shifted to auctions in 2017 as the preferred method to install wind projects. That limited orders for domestic turbine manufacturers amid rising operational costs and stiffer competition from global players.
“It is a tough situation for Suzlon
with tight competition, amid rising operational costs and funding costs,” said Mathew Antony, managing partner of Aditya Consulting. “The company needs strategic investors with long-term investment window of at least 10 years.”
Representatives for SBI and Suzlon didn’t respond to emails seeking comment. Suzlon’s long-term bank facilities were downgraded to D from BB in April by Care Ratings and the company missed payments on its dollar-denominated convertibles last month.