Suzlon offers to sell majority stake to Brookfield for settling loans

Mumbai: Suzlon EnergyNSE 2.02 % has told its lenders that Canadian investor Brookfield is keen to acquire majority stake in it, which would help the cash-strapped renewable energy company settle its loans if the lenders were to give a waiver, people involved with the development said.

Suzlon has offered a one-time settlement proposal to its lenders that entails potential stake sale to Brookfield that would infuse additional equity in the company, and a considerable amount of waiver of the debts by lenders including foreign currency convertible bondholders, which could eventually help the loss-making company to scale up its operations and meet the remaining financial obligations.