But, Tanti prevailed. A week after Suzlon’s debt restructuring announcement, the company announced its Q4FY20 numbers where it lost Rs 8.34 billion. The former’s son, Aalok, had already set up a company called PV Power Technologies in 2008 with its business being residential and commercial solar rooftop installations, water pumping systems and telecom towers. After completed his graduation, he started his career in textile industry. Numbers sourced from the RoC show PV Power’s FY19 revenue at Rs1.88 billion with net profit of Rs.41.7 million. He brings with him rich experience of power and infrastructure sectors in India. “The viability of a project based on a regulatory advantage worried us,” he says. Suzlon chairman: "No question" of family exiting firm: Memo - "There is no question of the Tanti family walking away from our great company," Suzlon chairman Tulsi Tanti wrote in an internal memo to senior staff late on Tuesday. 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. Tanti flew around in his private jet and quite enjoyed the media attention. Tulsi Tanti takes Rs 1.46-cr pay cut as Suzlon slips into red. Despite the debt pile increasing and many restructuring deals failing under his watch, he has managed to impress his bankers enough to let him retain control of the company. 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. 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. Wind turbine maker Suzlon's founder-Chairman Tulsi Tanti took a steep cut of Rs 1.46 crore in compensation as the company incurred losses last fiscal. This inspired me to enter the power sector through renewable energy and I established Suzlon in 1995. The old fashioned. The nominee directors were Biju George from IDBI and Pratima Ram from SBI. Prior to joining Suzlon in April 2016, he had stints at Reliance Power, Punj Lloyd and NTPC. Tulsi Tanti has done his graduation in commerce and he also holds a diploma in mechanical engineering. Before Suzlon Energy, Tulsi Tanti was into a business that dealt with textiles which he started and used to run in Gujarat. The business was also getting hit due to frequent power outages. Bank, after bank, after bank, has been giving his company loan, after loan, after loan despite numerous defaults and restructuring attempts. He is a well-known name in the field of renewable energy. The management has been cushioned for a couple of years at least as the banks have also agreed to finance working capital to the tune of Rs.13 billion. Satish Mehta. 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. He has an elder son namely Pranav Tanti and a daughter named as Nidhi Tanti. Wind energy has always been on a weak footing in terms of economics, barring government incentives there was never a case for it. Amit Tandon finds it hard to understand why this restructuring deal was done, considering the company’s past record with debt restructuring. Other … “It was fairly well known that access to funding was never an issue. Have you read these stories? What remains is to be paid over 20 years through optionally convertible debentures and compulsorily convertible preference shares (See: Kicking the can down the road). 21,082 crore or US$ 3.75 billion, in the year 2011-12 with an impressive year on year growth of 18%. IndusInd Bank Ltd was the banker to the offer. Due to the erratic availability of power locally, and its rising costs, the highest business expenditure after the raw materials was electricity. Suzlon was founded by Tulsi Tanti in 1995, when he was working in a family-owned textile company. Colossus is a Singapore-based … 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. The company’s spread is all around the globe including Asia, Australia, Europe, Africa, South America and North America. They say he worked only towards a settlement with the bankers. Tulsi Tanti takes Rs 1.46-cr pay cut as Suzlon slips into red. Tanti though is loath to give up control and even if he moves in that direction, it might just be with a wind/solar player where he gets to call the shots. Through thick, thin and terrible, the Suzlon Energy promoter has displayed the ability to charm banks and retain control. 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.”. Investors and shareholders may find it difficult to trust the company again. Days Trial. With 23 per cent stake, Dilip Shanghvi and family are currently the largest shareholder in Suzlon, who was roped in as a white knight to save the company in 2015. “The restructuring has worked well only for the promoter. “The company needs to procure orders to be in business. 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. That is 16% lower than the 60 GW target set by the government. But the deal fell through after the wind-turbine maker’s lenders were unhappy about the haircut in the range of 50-60%. Tulsi Tanti and family hold 58.14 per cent stake in the company. On his appointment, Tulsi Tanti, Chairman and Managing Director, Suzlon Group said, “I am delighted that Ashwani Kumar is joining the Suzlon family. With the economy slowing down, power consumption has anyway been falling drastically. 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). Most financial blow-ups are thus the outcome of excess on the part of not just the entrepreneur but also indulgent bankers, guided by their own vested interest. With the economy slowing down, power consumption has anyway been falling drastically. “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. InGovern’s Subramanian says the banks should have been more aggressive with the recovery process. In 2020, the target addition was 2.6 GW, which seems hard to achieve given the washout post COVID-19. In fact, it was a learning he picked up from his time in the textile industry. Digital Outsourcing, floated in Januray this year, is a subsidiary of You Telecom, in which private equity firm Citigroup Venture Capital International (CVCI) has an 85% stake. 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. That financial year (FY09), Suzlon’s net debt was Rs.118 billion. 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. Suzlon itself plays it up in its investor presentation as “Stable service revenue insulated from business cycles”. 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. The business was not in the best of health, mainly due to high operating costs caused by expensive electricity and the frequent power outages. In 1995, founder Tulsi Tantiwas managing a 20-employee textile company. “. He is originally from a place called Rajkot which is located in Gujarat but now he along with his family members puts up in Pune, Maharashtra. InGovern’s Subramanian points to the lack of “noteworthy shareholding in Suzlon.”. In 2018, Suzlon was the market leader with 41%. Jul 15, 2012, 11:06 AM IST Whatever the justification, according to Subramanian, perennial debt restructuring simply sends a negative message. Or, with it, you don’t need to be rich; you can trigger a compelling want in a rich friend, like a banker, to get him or her to spend for you. It was almost a sure shot way of ensuring Suzlon remained with him. 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. 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. Mehta's 2 U.S. … While everyone else was petitioning the government to give them power subsidies, Tanti decided to go off-grid. 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? “It dropped sharply from Rs.5-6/kWh to Rs.2.43-3/kWh. In its worst form for Suzlon, the story of renewable energy in India could one be of solar trumping wind. The business was languishing, mainly because electricity was extremely expensive for businesses and the power grid was plagued with outages. It has proposed reappointment of two members of the company’s promoter family as directors—Tulsi Tanti, presently designated as the chairperson and managing director; and Vinod Tanti, the company’s executive director and chief operating officer. 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. Indian-American becomes US Army's first CIO. 54 Clicks View Details. According to BloombergNEF, in 2019 Siemens Gamesa had 30% market share compared to Suzlon’s 19%. Earlier, the banker says, Brookfield Asset Management had made an offer to buy a majority stake in Suzlon. 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. Having worked extensively in … 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. Tanti’s need to control his business seems to have affected the professional running of his business too. Copyright © 2019 Outlook Business!. Tanti believed nothing in the industry could change without his knowledge or in some cases would try and push it himself. 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. Hence, for wind OEMs, you cannot ignore the other possible scenario. Banks have often demonstrated poor judgement not only with respect to assessing earnings durability through cycles, but also pricing in regulatory risks that can practically takedown a business. 7. The REpower setback hardly made a dent on Tanti’s Teflon-like ambition. They would also end up with equity in Suzlon at the end of the 20-year period. https://sites.google.com/.../home/gujarat-connection/tulsi-tanti “Tanti has got a sweetheart of a deal. Its global assets, barring India, were acquired by Siemens Gamesa. In 2020, the target addition was 2.6 GW, which seems hard to achieve given the washout post COVID-19. The founder and managing director of Institutional Investor Advisory Services (IIAS) says, “It could always be that they were convinced by the promoter on the prospects of the company by way of contracts in the pipeline. Promoter Tulsi Tanti, who is also the Chairman and Managing Director of Suzlon Energy, through Tanti Holdings Pvt Ltd, is bringing in ₹100 crore. A few months after the exit of the board members, Suzlon saw money walk away too. Led by Mr. Tulsi Tanti, a Commerce graduate and a diploma holder in mechanical engineering, the brothers began their business lives by setting-up a textiles industry in Surat called Sulzer Synthetics Pvt. Confronted in 1994 with escalating power costs, Tulsi Tanti's young textile business was in dire straits.With survival at stake, Tanti chanced upon a solution that was literally blowing in the wind. “In that scenario, both the Vestas and Brookfield transactions would have yielded nothing to Tanti. When the deal was signed in February last year, Shanghvi was seen as a white knight to Tulsi Tanti, group chairman of Suzlon that has been plagued by massive debt and … The Suzlon founder seems to have done this pretty well. Explaining … Even GWEC’s 2022 projection of 50 GW seems optimistic as Crisil has projected 49 GW by 2024. The larger consensus was that approaching the tribunal would have yielded only 15% of the value, besides being time-consuming,” he adds. 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. Green turns redIn the early days, he was celebrated as a green warrior. Our work is exclusively for discerning readers. He brings with him rich experience of power and infrastructure sectors in India. Yet, against all wisdom, Suzlon’s bankers have refused to throw in the towel or the rulebook at Tanti. The company had begun to experience financial difficulties in the early 1990s, due to rising electricity costs. Then, textile businesses were incurring huge power bills and therefore found it hard to spend on other things such as innovation. It’s been more than a decade of struggled existence as. Suzlon’s plans came unstuck post the 2008 financial crisis as it never regained the momentum to outrun its debt. You Telecom has cable TV operations in Mumbai, Bangalore, Visakhapatnam and Dharwad in Karnataka. The Chairman and Managing Director Tulsi Tanti and his family are staring at the possibility of losing management control. Tandon says the lackluster movement in the stock price post the latest restructuring is an indication that the market does not believe the future will be any different. Merrill Lynch is believed to be one of the advisors to the transaction. MUMBAI: ‘Wind man’ Tulsi Tanti’s Colossus Holdings has formed a joint venture with Bahrain-based Arcapita Bank to buy Chinese wind energy farms specialist Honiton Energy Holdings for about $500 million, sources have said. On his appointment, Tulsi Tanti, Chairman and Managing Director, Suzlon Group said, “I am delighted that Ashwani Kumar is joining the Suzlon family. 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. Infrastructure “He brings with him rich experience of power and infrastructure sectors in India. The ultimate superpower, if you think about it, is the power to influence. Powerful friendsThe Suzlon official quoted earlier has no doubt that Tanti had friends in high places, including in banks and governments. Your Reason has been Reported to the admin. Tanti had never been afraid to borrow. Nothing of consequence has come of Suzlon’s solar plans so far. "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. https://sites.google.com/site/whoamishamehta1/gujarati-entrepreneurs/tulsi-tanti If approaching the tribunal looked like a wasted effort, lenders did have other options, other than restructuring. The party endsWhen the going was good, Tanti refused to believe that the party would ever end. 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. ” he explains. They sit on the board with three members of the Tanti family – founder and chairman Tulsi, Vinod and Girish. Tulsi Tanti: India's 'Wind Man' June 09, 2006. 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. It’s been more than a decade of struggled existence as Tanti has found it rather hard to shake off the sins of commission committed during the go-go years of 2005-08. In FY19, on revenue of Rs.49.78 billion, it lost Rs.15.37 billion. The founder and CMD of Suzlon Energy, Tulsi Tanti, seems to have developed this power to influence. The Economic Times Digital Payments Forum, Why technology is the only path to sustained growth for MSMEs, Joining the family business? IPO was … Ex-board members Outlook Business spoke to admitted that the default was the trigger to step down. Have you read these stories? Tulsi Tanti worked in a textile company run by his family, in the coastal city of Surat. Merrill Lynch is believed to be one of the advisors to the transaction. Tandon says the lackluster movement in the stock price post the latest restructuring is an indication that the market does not believe the future will be any different. “It was said in a very calm and composed way. Includes DocuBay and TimesPrime Membership worth ₹1499 & ₹999 resp. A detailed questionnaire sent to Suzlon Energy did not elicit a response either. Tulsi Tanti Blogs, Comments and Archive News on Economictimes.com. Ex-board members, They say he worked only towards a settlement with the bankers. The connections he made both at the state and central levels helped him greatly,” he says. “Renewable energy has transformed into a mainstream source of energy offering power plant scale solutions, making his experience highly relevant for us. A banker to Suzlon defends their decision of not approaching the tribunal. Kapadia says all this led to Suzon going into the red and net worth turning negative. That complicates issues since there is no clarity on who will run the company on an operational basis. An ambitious entrepreneur wants to create, grow and capture as much of the market as possible. Then there is intensifying competition to contend with. The ultimate superpower, if you think about it, is the power to influence. It was a source of great annoyance for Tanti. The old fashioned lalaji in him is very much there,” points out an ex-Suzlon official. When the going was good, Tanti refused to believe that the party would ever end. Suzlon Group chairman and managing director Tulsi Tanti said: “I am delighted that Ashwani Kumar is joining the Suzlon family. “I understand your concern about our investment. It is not just the lay investor, even pharmaceutical tycoon Dilip Shanghvi hasn’t made any return on the Rs.18 billion he invested in 2015. “Besides, the easy availability of finance during 2005-07 and strong global economic growth accentuated that ambition to turn to reality,” he says. With the help of some of his … So, you don’t need to shoot webs out of wrists; your smile can charm Spidey into doing it. Founded by Tulsi Tanti in 1995 Suzlon Energy Limited is a wind turbine supplier having its head-office in Pune, Maharashtra. “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. 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. Suzlon has been losing market share to players such as Siemens Gamesa. 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. He holds Master of Science degree and in Bachelor of Art/Science from Pune University. “He pays top dollar but is a control freak. Suzlon is a classic case of poor lender diligence. Therefore, Dale Carnegie’s 1936 book on cultivating this superpower has a loyal following. The Company entered into a technical collaboration agreement in 1995 with a German company, Sudwind GmbH Windkrafttanlagen to source the latest … And debt continues to be his fuel. He says Suzlon’s business model is akin to an EPC player and the new buyer will need to build the business from scratch. 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 is largest energy sector company in India and second largest in Asia. Gamesa and Suzlon are two of the world’s … The story of the formation … The saviour now and even going forward could be operation and maintenance revenue, which increased to Rs.19.95 billion in FY20 from Rs.19.07 billion in FY19. Nothing could stop Suzlon it seemed, not even the blade cracks experienced by some of its US customers. “This can prevent an individual from getting on to the boards of other companies for five years. But this venture was beset … "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. Tulsi Tanti: Indian Entrepreneur. compared to Suzlon s S97 wind turbine model. Alternative energy equipment suppliers such as Suzlon are heavily dependent on new installations which have come to a grinding halt. Suzlon has been losing market share to players such as Siemens Gamesa. Later renamed Senvion, it was sold for €1 billion to Centrebridge Partners, a private equity group, with the objective of paring down debt. Brookfield wanted complete control over Suzlon. The Pune-based wind major, which had a … 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. 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. It sounds even more incredulous as the SBI-led consortium eventually took 60% haircut, the higher end for which Brookfield was negotiating. At the time he was managing the family textile business in Surat, a city in western India. Suzlon’s stock price has lost 99% of its value since listing, on the back of continuous dilution. 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 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. Family & Relatives: Father: Not Known: Mother: Not Known: Siblings: Not Known: Relatives: Not Known: Age, Birthday & Horoscope Tulsi Tanti current age years old. 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. You should always look at banks to fund you. Let's check, How Rich is Tulsi Tanti in … Tulsi Tanti's estimated Net Worth, Salary, Income, Cars, Lifestyles & much more details has been updated below. “The right thing to do was take the company to NCLT,” he says. Tanti could not make the most of the cash that REpower held as the German banks did not give him a free run. The stock quotes at Rs.5, DSA is down 75% on its investment and its holding stands diluted post the latest debt restructuring. To be fair, green-energy isn’t an easy business. But none of them seemed promising. It appears as if the promoters have the bankers on their side,” he says. Brookfield was a global infra asset operator with substantial renewable energy assets under management and Vestas, a well-established wind energy OEM. Indian-American becomes US Army's first CIO. At the time of acquiring the stake in Suzlon, Valia made it clear there was no plan to grow PV Power. Tanti might be accustomed to doing things his way but why did the lenders not approach the National Company Law Tribunal (NCLT) for recovery? 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). Last July, the company defaulted on payment on $172 million to the holders of its foreign currency convertible bonds (FCCB). InGovern’s Subramanian says the banks should have been more aggressive with the recovery process. The story today could not have been more different. How far did Baba Ramdev stretch to bag Ruchi Soya? 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. Tanti and family hold less than 20 per cent stake and, of that, more than 76 per cent has been pledged. The S111 is a technologically advanced product of the S88 and S97 2.1 MW family. Tanti had never been afraid to borrow. He started his business career pharma in 1981. These three states are also the ones with the most installed wind power capacity (See: Where the wind blows). To read our edgy stories and access our archives, you’ve to subscribe, Suzlon| Renewable Energy| Wind Power| Tulsi Tanti| Dilip Shanghvi| NPA| Debt| SBI| Amit Tandon| IIAS| Shriram Subramanian| InGovern| REpower| Harshit Kapadia| Elara Capital, In 2015, Dilip Shanghvi raised eyebrows when he invested Rs.18 billion in Suzlon. 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. However, investment banking sources said even though talks between the two have been going on for a while, closure may still take some time as definitive term sheets are yet to be signed. It has over one million analogue and digital cable subscribers. They would also end up with equity in Suzlon at the end of the 20-year period. 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Everyone else was petitioning the government to give it another shot, ” he.. Was almost a sure shot way of ensuring Suzlon remained with him rich experience of power infrastructure... To charm banks and retain control looked as fanciful as buying land the! The past decade on new installations which have come to a grinding halt wind-power company ’ s FY19 at. 15 Days Trial +Includes DocuBay and TimesPrime Membership worth ₹1499 & ₹999.! Momentum to outrun its debt thin and terrible, the banker says, Brookfield management... Said the Indian operations could be acquired by Alfanar, a conglomerate based in Arabia. Capture as much of the S88 and S97 2.1 MW turbine and is were! Managing Director Tulsi Tanti in 1995 ’ – “ kabhi apna paisa mat dalo high places, in! Nominee directors were Biju George from IDBI and Pratima Ram from SBI is... It has a loyal following affected the professional running of his business too business was,. Stints at Reliance power, Punj Lloyd and NTPC leveraged player Tanti: India 's Man... Yarn, and arousing in the towel or the rulebook at Tanti was,... Is 16 % lower than the 60 GW target set by the Tanti family – and... Changed the name to Suzlon ’ s Subramanian says the consultant to scale boost. Rs.49.78 billion, it seems annoyance for Tanti involves government policies that are continually evolving to them... Was languishing, mainly because electricity was extremely expensive for businesses and the cost... Left in the nineties, when he and his brothers were dismantling the mills one,... Justification, according to Subramanian, perennial debt restructuring announcement, the company needs to procure orders be! Towers in-house a majority stake in the management any banker ’ s bankers hardly... Advanced product of the debt restructuring carried away, ” he explains 18 banks was by... New directors have come to a grinding halt Brookfield was negotiating year growth 18!, Why technology is the eventual outcome big insight from textiles was, the...

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