Brookfield no longer in race for Suzlon Energy stake as talks fail

MUMBAI: Brookfield’s plan to acquire a majority stake in Suzlon EnergyNSE -4.71 % has fallen through, after the Canadian investor could not reach a deal with the wind-turbine maker’s lenders on valuation, two people aware of the development said.

Lenders did not agree to the amount that Brookfield wanted them to forego to proceed with the deal, and are now working with Suzlon on other resolution plans, they told ET.

“Brookfield was interested in Suzlon only if the valuation was attractive,” one of the people said. “The haircut on loans that they were asking was not acceptable to banks.”