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India's Suzlon agrees to sell German unit for 1 bln euros
January 22, 2015 / 3:32 AM / 3 years ago

India's Suzlon agrees to sell German unit for 1 bln euros

MUMBAI, Jan 22 (Reuters) - Indian wind turbine manufacturer Suzlon has agreed to sell its German unit Senvion SE to Centerbridge Partners LP for 1 billion euros (72 billion rupees) in an all-cash deal, it said on Thursday.

The companies have signed a binding agreement, which also has a future earn out clause of an additional 50 million euros, they said in a statement.

Suzlon, which has been under pressure in the last few years from a slowdown in global turbine sales and its debt pile, had to restructure $1.8 billion debt after defaulting on a $200 million convertible bond redemption in 2012. (Reporting by Devidutta Tripathy; Editing by Clara Ferreira Marques)

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