As Suzlon Energy faces bankruptcy, Dilip Sanghvi stares at huge loss.
In Dire Straits: Renewable power firm Suzlon Energy is reportedly heading for bankruptcy courts and Dilip Sanghvi, the billionaire promoter of Sun Pharmaceutical Industries, is staring at a huge loss.
Suzlon had failed to come up with a debt recast plan by the December-end deadline, bankers said.
Shanghvi, who had invested ?1,400cr ($196m) in picking up a 23% stake in the wind turbine maker in 2014 in his personal capacity, will be one of the top losers along with the Suzlon promoter, the Tanti family.
In the 2019 calendar year, the Suzlon Energy stock has lost 64% of its value. As of Friday, it was worth ?1,053cr ($147m). BS
Highway to Hell: Defaults, high debt, buyers backing out - how and why did Suzlon Energy reach this situation? Here's some background reading.
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