The GWEC report says that India’s wind energy capacity can only realistically reach 50 GW by 2022 from 37.5 GW in 2019 (, Five years ago, Sudhir Valia was in a happy state of mind when he spoke to this magazine and made no attempt to conceal it. In the early days, he was celebrated as a green warrior. “The viability of a project based on a regulatory advantage worried us,” he says. Days Trial. https://sites.google.com/.../home/gujarat-connection/tulsi-tanti Then, textile businesses were incurring huge power bills and therefore found it hard to spend on other things such as innovation. NEW DELHI: The Dilip Shanghvi family, founders of Sun Pharma, will acquire a 23% stake in debt-laden Suzlon Energy with a preferential issue of fresh equity of for Rs 1,800 crore, leaving the Tulsi Tanti family with a 24% stake in the wind turbine maker, the company announced late on Friday. In 1995, they set up Suzlon, a portmanteau of ‘. The Shanghvi family will remain a financial investor in Suzlon, while Tulsi Tanti (promoter) will retain management control. Its global assets, barring India, were acquired by Siemens Gamesa. For reprint rights: The she difdig is enjoying the money, father dog looted from shareholders of Suzlon !!! A Suzlon official, who worked with Tanti, remembers having that discussion with him just after the company had gone public. Under the joint venture, Arcapita will invest $2 billion to develop a 1,650-mw portfolio of wind farms in Inner Mongolia in China by 2012. The first subscribers to the Memorandum were the family members and friends of Tulsi Tanti. In 2018, Suzlon was the market leader with 41%. At the time he was managing the family textile business in Surat, a city in western India. Nothing could stop Suzlon it seemed, not even the blade cracks experienced by some of its US customers. “Whichever way the deal is structured, control of the company will remain with me.” That was his brief to Suzlon’s board early last year, when options were being looked at to save his company. In a debt restructuring exercise concluded recently, it was decided that the company’s debt of Rs.130 billion would be converted into sustainable and unsustainable loans — the former will be Rs.36 billion and would be paid in 10 years at an interest of 9% per annum. A detailed questionnaire sent to Suzlon Energy did not elicit a response either. What went wrong at Rana Kapoor's Yes Bank. Renewable energy has transformed into a mainstream source of energy offering power plant scale solutions, making his experience highly … Merrill Lynch is believed to be one of the advisors to the transaction. In 2017, the shift in feed-in tariff (fixed price contract) to an auction-based system meant lower tariffs. Mr. Tulsi Tanti is a visionary and a great entrepreneur, who was instrumental in founding and turning Suzlon Energy Limited into the fifth biggest wind energy group in the world. In 1995, founder Tulsi Tantiwas managing a 20-employee textile company. Tanti and family … Tulsi Tanti awarded Global Indian Award: The Canada India Foundation for global entrepreneural vision had awarded Mr. Tulsi Tanti With the Global Indian Award: History. Copyright © 2019 Outlook Business!. It was also decided that DSA and Suzlon would form 50:50 joint venture for the development of 450 MW wind farms. He brings with him rich experience of power and infrastructure sectors in India. In its worst form for Suzlon, the story of renewable energy in India could one be of solar trumping wind. The first subscribers to the Memorandum were the family members and friends of Tulsi Tanti. You Telecom has cable TV operations in Mumbai, Bangalore, Visakhapatnam and Dharwad in Karnataka. The same official recalls a meeting around a decade ago when there was apprehension on how long the benefit of accelerated depreciation (an incentive granted to the owners of new wind assets with the objective of reducing their taxable income; it is done by claiming a higher level of depreciation in the early years that the asset is in operation) could last. In its September 2019 report, the rating agency had pointed out, “As much as 26% of the 64 GW of projects auctioned by the Centre and the states have received no or lukewarm bids, while another 31% are facing delays in allocation after being tendered. Tulsi Tanti, Founder/Chairman of Suzlon and Skeiron Group, is a well-known figure on various world energy forums, which fight against climate change and pursue sustainable energy alternatives. https://sites.google.com/site/whoamishamehta1/gujarati-entrepreneurs/tulsi-tanti Equity has gone with the wind, but debt is eternal at Suzlon. “I would think Suzlon getting into solar energy at some point would be a more logical progression,” he said. +Includes DocuBay and TimesPrime Membership worth ₹1499 & ₹999 resp. They say he worked only towards a settlement with the bankers. 21,082 crore or US$ 3.75 billion, in the year 2011-12 with an impressive year on year growth of 18%. Outlook Business sent individual queries to prominent lenders in the consortium such as SBI, IDBI, Bank of Baroda, PNB, Bank of India, ICICI Bank and Axis Bank but none responded. With FY21 being a washout year, for most capital equipment companies, Suzlon’s short-term prospects look dim. This will alert our moderators to take action. All pages of the Website are subject to our terms and conditions and privacy policy. There is almost no coverage on the Suzlon stock and concerns remain. The stock quotes at Rs.5, DSA is down 75% on its investment and its holding stands diluted post the latest debt restructuring. Tulsi Tanti Net Worth. “The company needs to procure orders to be in business. If approaching the tribunal looked like a wasted effort, lenders did have other options, other than restructuring. Tanti flew around in his private jet and quite enjoyed the media attention. Perhaps, the beginning of Suzlon’s fall can be traced back to 2005, when finance was freely available and Tanti tapped into that supply for the next two years. In many ways, the nasty surprise came from all quarters – weakness in the economy, the changed tariff regime, high working capital, low margins and high interest costs on account of the leveraged buyout of REpower. Fiduciary neglectTanti might be accustomed to doing things his way but why did the lenders not approach the National Company Law Tribunal (NCLT) for recovery? Wind-solar hybrids are being bandied about as the next big thing and the removal of tariff caps for future auctions could just be the icing on the cake. Given the stretched fisc and low tax collections, it is questionable if the government will drop everything and divert money to clear receivables of the wind power sector. The cost of electricity also offset any profits made by the company. Her unlikely travel companions for the adventure were her parents, Tulsi and Gita Tanti. Before Suzlon Energy, Tulsi Tanti was into a business that dealt with textiles which he started and used to run in Gujarat. According to BloombergNEF, in 2019 Siemens Gamesa had 30% market share compared to Suzlon’s 19%. Here, a senior member of the lending team was asked to “keep quiet” by Tanti when questions were raised on the long-term prospects of the buyout. The point was repeatedly discussed at that meeting till Tanti made it clear to the team that “regulation will not change.” According to the official, there was deafening silence in the room. It had been barely two months since Dilip Shanghvi Family and Associates (DSA) picked up 23% stake in Suzlon Energy at Rs.18 per share in early 2015. It has an uncertain order pipeline, is money guzzling and involves government policies that are continually evolving. Dilip Shanghvi| Tulsi Tanti| Suzlon Energy| Sudhir Valia| Sun Pharma, Founder Tulsi Tanti has found it hard to shake off the sins of commission committed during 2005-08. Alternative energy equipment suppliers such as Suzlon are heavily dependent on new installations which have come to a grinding halt. The consortium of 18 banks was led by SBI which had an individual exposure of Rs.43 billion. In 1995, they set up Suzlon, a portmanteau of ‘soojh-boojh’ (the ability to judge a situation correctly) and ‘loan’. The company itself logged terrible performance in FY20: it installed 59 MW compared to 496 MW in FY19 and on sales of Rs.29.33 billion, it lost Rs.26.92 billion (See: Diminishing return). In 2005, Suzlon’s public issue was a huge success – the offer price of Rs.510 was no deterrent in a buoyant market and it was oversubscribed 15x. Investors, Sanjiv Bajaj aur COVID-19. The finances of state governments are nothing to speak about either, more so as the Centre has still not released their share of GST collections for FY20. But none of them seemed promising. Suzlon itself plays it up in its investor presentation as “Stable service revenue insulated from business cycles”. The party endsWhen the going was good, Tanti refused to believe that the party would ever end. Tulsi Tanti: Indian Entrepreneur. At that point, the entity he set up from scratch was staring at a staggering amount of debt and nothing to cling on to but hope. Updated: Jan 07, 2021, 12.25 PM IST. If they invoked the personal guarantee and pledged holdings of Tanti or if they had auctioned assets, it would have been a time-consuming affair with no surety on how much would come out of it. That is when we decided to move ahead with a debt structuring plan,” he explains. Nothing of consequence has come of Suzlon’s solar plans so far. “Tanti has got a sweetheart of a deal. A few months later, all the independent directors including bank nominees (five in all) quit the board of Suzlon. It had been barely two months since Dilip Shanghvi Family and Associates (DSA) picked up 23% stake in Suzlon Energy at Rs.18 per share in early 2015. Suzlon| Tulsi Tanti| Wind Power| Renewable Energy| NPAs| Debt, He started by importing windmills, two of them, when he and his brothers were running the family business of making polyester yarn. That decline in tariff meant an impact on the value chain, be it the developer, wind equipment manufacturer or the logistics companies,” explains Kapadia, who adds that the impact on a wind equipment manufacturer such as Suzlon saw its Ebitda margin dropping by half to 8-9%. Updated: Jan 07, 2021, 12.25 PM IST . The GWEC report says that India’s wind energy capacity can only realistically reach 50 GW by 2022 from 37.5 GW in 2019 (See: Low blade movement). In an interview given to Time magazine in 2007, Tanti said that he made the global leap after reading in early 2000 that one of his favourite holiday destinations Maldives may go underwater because of global warming. And piling up debt is a faster way to scale and boost overall shareholder return. Indian-American Dr Raj Iyer has … The company’s spread is all around the globe including Asia, Australia, Europe, Africa, South America and North America. But, Tanti prevailed. Tulsi Tanti Blogs, Comments and Archive News on Economictimes.com. Commenting on his appointment, Suzlon Group Chairman and Managing Director Tulsi Tanti said he is delighted that Ashwani Kumar is joining the Suzlon family. Confronted in 1994 with escalating power costs, Tulsi Tanti's young textile business was in dire straits. It has a global presence with offices … But a 20-year repayment schedule that has been offered to the company does not support this hypothesis (of improved prospects).”. “It dropped sharply from Rs.5-6/kWh to Rs.2.43-3/kWh. Tanti might be accustomed to doing things his way but why did the lenders not approach the National Company Law Tribunal (NCLT) for recovery? Solar has made great strides in the face of falling technology cost, accommodative policy and the fact that wind power installations are largely topography dependent unlike solar. “It was fairly well known that access to funding was never an issue. Suzlon’s promoters, who currently hold 30.94% in the company according to stock exchange data, will retain … Tanti, according to a veteran private equity professional, is a case of a man who thought he was the messiah of the industry. It is an impressive story, and Tanti has an enviable ability to impress. Suzlon Group chairman and managing director Tulsi Tanti said: “I am delighted that Ashwani Kumar is joining the Suzlon family. Tanti believed nothing in the industry could change without his knowledge or in some cases would try and push it himself. With this, Tanti family and Shanghvi ended up with just around 34 per cent stake in total (Tantis 17.4 per cent and Shanghvis 16.5 per cent) against the proposed 59.86 per cent stake. “The right thing to do was take the company to NCLT,” he says. Unfortunately, if the underlying business gets worse instead of better over time, debt ends ups becoming your nemesis. In an elaborate conversation then with Outlook Business, Valia, Shanghvi’s brother-in-law and the one who structured the deal, said Suzlon “has technical capability but was not able to manage its finances too well.” When asked specifically about the investment trigger, Valia admitted this was a different scenario compared to pharmaceuticals. Even the lenders would have had to take a huge haircut,” he says. MUMBAI: Greenko Group is acquiring Orange Renewable from Singapore’s AT Capital Group for an enterprise value of $850 million, ending weeks of intermittent negotiations. A banker involved in the deal says there was a sense of worry but Tanti assured the banks and board that Suzlon was worth more. Let's check, How Rich is Tulsi Tanti in … The firm is valued just Rs 1,500 crore on stock market. That financial year (FY09), Suzlon’s net debt was Rs.118 billion. He has an elder son namely Pranav Tanti and a daughter named as Nidhi Tanti. Tanti’s need to control his business seems to have affected the professional running of his business too. Inciting hatred against a certain community, 15 Effectively, taking into account the time value of money, the banks would be taking 60% haircut. Indian-American Dr Raj Iyer has … Tulsi Tanti Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. The story of the formation … Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. “. NEW DELHI: The Dilip Shanghvi family, founders of Sun Pharma, will acquire a 23% stake in debt-laden Suzlon Energy with a preferential issue of fresh equity of for Rs 1,800 crore, leaving the Tulsi Tanti family with a 24% stake in the wind turbine maker, the company announced late on Friday. Unless power tariffs rise, it will be hard for OEMs like Suzlon to relive the gold rush in its initial years. But the recent debt recast, where the bankers decided to back Tanti on generous terms taking 60% haircut on their loans, is baffling for the business case looks bleaker than ever. After providing electricity for his own company, Tanti moved into wind energy production as a way to secure the textile company's energy needs, and founded Suzlon Energy. Nidhi Tanti, Suzlon Energy’s Vice-President, Business Review Committee and New Business, is the second-generation leader of Suzlon which was started by industry veteran Tulsi Tanti. https://sites.google.com/.../home/gujarat-connection/tulsi-tanti The company spokesperson confirmed the receipt of the email and said the company's management had nothing more to say on the debt restructuring beyond what was already publicly available. Chalasani was one of the key people involved in the completion of the debt restructuring. Alternative energy equipment suppliers such as Suzlon are heavily dependent on new installations which have come to a grinding halt. Brookfield was a global infra asset operator with substantial renewable energy assets under management and Vestas, a well-established wind energy OEM. The Chairman and Managing Director Tulsi Tanti and his family are staring at the possibility of losing management control. They would also end up with equity in Suzlon at the end of the 20-year period. The wisdom, not to mention the intent of banks, is open to question because they turned down two potential bidders who were in much better shape financially and in terms of management depth. After completed his graduation, he started his career in textile industry. Tanti and family hold less than 20 per cent stake and, of that, more than 76 per cent has been pledged. Suzlon is a classic case of poor lender diligence. Contours of the deal are still being worked out. 15 Eyebrows were understandably raised about what Shanghvi, the founder of Sun Pharmaceuticals saw in the heavily indebted wind turbine maker as he cut a cheque for Rs.18 billion. sent individual queries to prominent lenders in the consortium such as SBI, IDBI, Bank of Baroda, PNB, Bank of India, ICICI Bank and Axis Bank but none responded. “It was said in a very calm and composed way. Tulsi Tanti's estimated Net Worth, Salary, Income, Cars, Lifestyles & much more details has been updated below. Tanti flew around in his private jet and quite enjoyed the media attention. Satish Mehta. Tulsi Tanti was primarily in the textile business and was introduced to wind energy through a wind power project that he had commissioned for his textile factory. Tanti could not make the most of the cash that REpower held as the German banks did not give him a free run. The other major lenders were IDBI (Rs.16.7 billion) and Bank of Baroda (Rs.14.58 billion). According to BloombergNEF, in 2019 Siemens Gamesa had 30% market share compared to Suzlon’s 19% (See: Losing the high ground). The banker says the priority of the repayment schedule in Brookfield’s offer was statutory payments followed by debt, preferential capital and finally equity. This. The opinion among many who worked at Suzlon after having worked at other large organizations, is that he is a micromanager and trusts the opinion of a select few – a combination of officials who have worked with him such as Kirti Vagadia, group CFO apart from Tanti’s brothers. Last July, the company defaulted on payment on $172 million to the holders of its foreign currency convertible bonds (FCCB). You only have to discuss scale with him and he will instantly get carried away,” says the consultant. Suzlon has been losing market share to players such as Siemens Gamesa. The new directive gave banks the discretion to implement a resolution plan within six months, failing which the stressed account would be dealt at NCLT. “Nobody dared to speak in front of Tanti,” says a banker who recalls the head of the institution not stepping in to support his colleague. On his appointment, Tulsi Tanti, Chairman and Managing Director, Suzlon Group said, “I am delighted that Ashwani Kumar is joining the Suzlon family. “This can prevent an individual from getting on to the boards of other companies for five years. Setting realistic prices, a faster build out of grid infrastructure, ensuring market liquidity and streamlining land allocation and site development will be crucial to revive auction appetite and accelerate execution of India’s pipeline of wind energy projects”. [1] Tanti invested in two wind turbines made by the … Mr Tanti wanted to explore other avenues for fuelling his business’ need for power. Through thick, thin and terrible, the Suzlon Energy promoter has displayed the ability to charm banks and retain control. In fact, it was a learning he picked up from his time in the textile industry. Vestas, which had backed the repayment plan, had been kept waiting for nearly ninety days, while Tanti was convincing the lenders that Vestas was undervaluing Suzlon, according to insiders. Whatever the justification, according to Subramanian, perennial debt restructuring simply sends a negative message. In the banker’s opinion, the lenders’ indecisiveness cost them badly – some of the banks agreed with Tanti on valuation and others were unsure. The ultimate superpower, if you think about it, is the power to influence. Indian-American becomes US Army's first CIO. Later renamed Senvion, it was sold for €1 billion to Centrebridge Partners, a private equity group, with the objective of paring down debt. That was in early 2015 and since then Senvion itself has filed for bankruptcy. While everyone else was petitioning the government to give them power subsidies, Tanti decided to go off-grid. A year ago, Tulsi Tanti, the 58-year-old chairman of the Pune-based wind turbine maker Suzlon, decided to set his ego aside—at the right time—to bring his company back to financial health. Only 2.4 GW was added in 2019, compared to 2.3 GW in 2018 and 4.1 GW in 2017, according to a May 2020 report by Global Wind Energy Council (GWEC) and MEC Intelligence. Yet, against all wisdom, Suzlon’s bankers have refused to throw in the towel or the rulebook at Tanti. In a reply to the stock exchange’s request for clarification, Suzlon said the reports were “false” and said it is short of just one director, which should be a woman under stock market rules. With the help of some of his … We still live in hope that the company has good technology and one day will give results,” is all that he was willing to say. Powerful friendsThe Suzlon official quoted earlier has no doubt that Tanti had friends in high places, including in banks and governments. Tulsi Tanti and family hold 58.14 per cent stake in the company. Even GWEC’s 2022 projection of 50 GW seems optimistic as Crisil has projected 49 GW by 2024. Last September, a deal for paying back about $1.2 billion (Rs.85 billion) in loans seemed nearly done when Vestas Wind Systems called it off. In 2020, the target addition was 2.6 GW, which seems hard to achieve given the washout post COVID-19. It is largest energy sector company in India and second largest in Asia. compared to Suzlon s S97 wind turbine model. Suzlon is a case of continuous restructuring, says Shriram Subramanian, founder and managing director of InGovern, a Bengaluru-based corporate governance and research advisory firm. It has a significant global market share of around 13%. The nominee directors were Biju George from IDBI and Pratima Ram from SBI. InGovern’s Subramanian says the banks should have been more aggressive with the recovery process. The business was languishing, mainly because electricity was extremely expensive for businesses and the power grid was plagued with outages. Family & Relatives: Father: Not Known: Mother: Not Known: Siblings: Not Known: Relatives: Not Known: Age, Birthday & Horoscope Tulsi Tanti current age years old. Colossus is a Singapore-based … If approaching the tribunal looked like a wasted effort, lenders did have other options, other than restructuring. Tulsi Tanti takes Rs 1.46-cr pay cut as Suzlon slips into red. “He is a strange combination of someone who is not a long-term thinker but will speak like a visionary,” says the man who has known the Suzlon founder for many years. Tulsi Tanti built his empire on 'soojh-boojh', loans and one other secret ingredient. Story goes that the brothers were dismantling the mills one day, were intrigued by them and did more research on the wind-power market. The total revenues earned are around Rs. That is 16% lower than the 60 GW target set by the government. Merrill Lynch is believed to be one of the advisors to the transaction. He brings with him rich experience of power and infrastructure sectors in India. InGovern’s Subramanian says the banks should have been more aggressive with the recovery process. The book’s tips include remembering to smile, giving sincere and honest appreciation, and arousing in the other an intense want. Given that the company has already gone through restructuring earlier, Tandon says that another restructuring just delays dealing with the problem. The Suzlon official quoted earlier has no doubt that Tanti had friends in high places, including in banks and governments. The resolution plan requires Suzlon promoters to infuse just Rs.3.92 billion. Tulsi Tanti Blogs, Comments and Archive News on Economictimes.com. The ultimate superpower, if you think about it, is the power to influence. The astute Valia had then said the criterion was not about the sector but more about recouping the investment made, “over three to five years.” Repeated requests for an interview were turned down for this story and a set of questions sent to him on the investment made in Suzlon met with a terse response. The business was also getting hit due to frequent power outages. Tomorrow is different. Suzlon itself mentioned in its Q3FY20 investor presentation that “632 MW has been considered as cancelled from the order book due to teething troubles of land, power evacuation and other constraints.”, The GWEC report, too, had pointed out, “Grid and land availability, off-taker risks, onerous tender conditions and low tariff caps have led to the last three central wind tenders and all state wind tenders to be unsubscribed, retendered or even cancelled, while 80% of awarded projects have been delayed by 6-12 months.”. “Engineering is a subject that the management of Suzlon knows and financial engineering is something that we know,” he said with a laugh. "We are convinced that the support from Dilipbhai Shanghvi and family will help in creating a long-term sustainable value for our stakeholders," Suzlon Group Chairman Tulsi Tanti said. Days Trial Brookfield wanted complete control over Suzlon. 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