Suzlon gets nod to sell German unit

Supplier of wind turbines, Suzlon Energy, said it has received shareholders' approval for the sale of its German arm, Senvion SE, to the US-based venture capital firm Centrebridge Partners, and to issue up to 100 crore equity shares on a preferential basis. Earlier known as REpower, Senvion was acquired by Suzlon for over ₹7,300 crore in 2007. Suzlon had announced it was selling its subsidiary for a minor loss, and mainly to cut debt. The company said in a statement that the shareholders approval process was conducted through a postal ballot. Suzlon said it had also received the approval from CDR EG (Empowered Group) for the sale of the Senvion stake. Approval had also come through for the sale of non-core asset, namely SE Forge Ltd, the statement added.