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://www.theindianwire.com/business/list-richest-people-pune-8180 Commenting on his appointment, Suzlon Group Chairman and Managing Director Tulsi Tanti said he is delighted that Ashwani Kumar is joining the Suzlon family. “Having worked … The party endsWhen the going was good, Tanti refused to believe that the party would ever end. 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. Then, textile businesses were incurring huge power bills and therefore found it hard to spend on other things such as innovation. He says Suzlon’s business model is akin to an EPC player and the new buyer will need to build the business from scratch. He further added that, “Having worked extensively in infrastructure as well as in utility management, Ashwani is the right fit for the organization given the current context of new opportunities for wind and renewable energy in India and all over the … But Tanti is firmly seated in the driver’s seat. Promoted If approaching the tribunal looked like a wasted effort, lenders did have other options, other than restructuring. 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. Tanti might be accustomed to doing things his way but why did the lenders not approach the National Company Law Tribunal (NCLT) for recovery? Tanti had never been afraid to borrow. A recent media report said the Indian operations could be acquired by Alfanar, a conglomerate based in Saudi Arabia. Through thick, thin and terrible, the Suzlon Energy promoter has displayed the ability to charm banks and retain control. Tanti believed nothing in the industry could change without his knowledge or in some cases would try and push it himself. The first subscribers to the Memorandum were the family members and friends of Tulsi Tanti. Ltd., later changed the name to Suzlon Synthetics Ltd., and, thereafter, to Suzlon Fibres Ltd. The book’s tips include remembering to smile, giving sincere and honest appreciation, and arousing in the other an intense want. The REpower deal was one that bankers and Suzlon regretted later. You only have to discuss scale with him and he will instantly get carried away,” says the consultant. 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. While founder Tulsi Tanti made a name for himself and his company Suzlon by being one of the first movers in wind energy in India, his bold audacious attempts to catapult the company into a higher orbit ended up dragging it down into an financial crisis, more than once. The big question then is ‘will Suzlon generate enough cash flow to not only run the business but also service the repayment on the Rs.36 billion debt that has been restructured as “viable”?’ At 9%, yearly outgo on that is Rs.3.24 billion. Jul 15, 2012, 11:06 AM IST The three independent directors who resigned were Ravi Uppal (earlier with ABB, L&T and Jindal Steel & Power), Vijaya Sampath (a lawyer who was general counsel to Bharti Group) and Venkataraman Subramanian (an energy sector expert who sits on the boards of Adani Enterprises, Sundaram-Clayton among others). With the economy slowing down, power consumption has anyway been falling drastically. Hyderabad-headquartered Greenko is also in final negotiations to buy a 385 MW wind energy platform, Skeiron Renewable Energy Pvt, a private company held by Suzlon founder Tulsi Tanti and his family, for $528 million, said people … Indian-American Dr Raj Iyer has … In FY19, on revenue of Rs.49.78 billion, it lost Rs.15.37 billion. By October/November last year, it was obvious “there was nothing left in the company with a value of maximum Rs.15 billion. “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. Last July, the company defaulted on payment on $172 million to the holders of its foreign currency convertible bonds (FCCB). Tulsi Tanti and family hold 58.14 per cent stake in the company. 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. A Suzlon official, who worked with Tanti, remembers having that discussion with him just after the company had gone public. Having worked extensively in … If approaching the tribunal looked like a wasted effort, lenders did have other options, other than restructuring. "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. That is 16% lower than the 60 GW target set by the government. In the early days, he was celebrated as a green warrior. 15 Merrill Lynch is believed to be one of the advisors to the transaction. Confronted in 1994 with escalating power costs, Tulsi Tanti's young textile business was in dire straits. Tulsi Tanti, a mechanical engineer, was tending to his family textile business in Surat, Gujarat. Tulsi Tanti's estimated Net Worth, Salary, Income, Cars, Lifestyles & much more details has been updated below. When a sector stagnates for long, consolidation is the eventual outcome. Updated: Jan 07, 2021, 12.25 PM IST . Tulsi Tanti Net Worth. Tulsi Tanti Blogs, Comments and Archive News on Economictimes.com. With survival at stake, Tanti chanced upon a solution that was literally blowing in the wind. 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. engineered to deliver a 20% increase in AEP (Annual Energy Production) at the same hub height . Jul 15, 2012, 11:06 AM IST 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. In a little more than a decade, his company had become one of the world’s top three wind-energy companies and Asia’s biggest. 7. 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. Chalasani was one of the key people involved in the completion of the debt restructuring. At the time of acquiring the stake in Suzlon, Valia made it clear there was no plan to grow PV Power. The firm is valued just Rs 1,500 crore on stock market. Other … Promoter Tulsi Tanti, who is also the Chairman and Managing Director of Suzlon Energy, through Tanti Holdings Pvt Ltd, is bringing in ₹ 100 crore. In 1994, he purchased two wind turbines and literally produced his own electricity. These three states are also the ones with the most installed wind power capacity (See: Where the wind blows). The story today could not have been more different. They would also end up with equity in Suzlon at the end of the 20-year period. Besides, Tanti entered this business in the nineties, when it looked as fanciful as buying land on the moon. Eyebrows were understandably raised about what Shanghvi, the founder of Sun Pharmaceuticals saw in the heavily indebted wind turbine maker as he, While founder Tulsi Tanti made a name for himself and his company Suzlon by being one of the first movers in wind energy in India, his bold audacious attempts to catapult the company into a higher orbit ended up dragging it down into an financial crisis, more than once. The ultimate superpower, if you think about it, is the power to influence. In that year, India’s shaky power grid and the rising cost of electricity offset any profits the company would make. It has a global presence with offices … As it is, for the overall wind-power industry, capacity addition has slowed down. According to BloombergNEF, in 2019 Siemens Gamesa had 30% market share compared to Suzlon’s 19% (See: Losing the high ground). Amit Tandon finds it hard to understand why this restructuring deal was done, considering the company’s past record with debt restructuring. It is an impressive story, and Tanti has an enviable ability to impress. Alternative energy equipment suppliers such as Suzlon are heavily dependent on new installations which have come to a grinding halt. 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.”. According to Crisil Research, all-India power demand could be lower by 2%, or ~31 billion units this fiscal because industrial and commercial consumers – who pay 50-100% more and cross-subsidise domestic and agricultural consumers – have been the worst hit by the lockdown. The other major lenders were IDBI (Rs.16.7 billion) and Bank of Baroda (Rs.14.58 billion). The connections he made both at the state and central levels helped him greatly,” he says. Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. Tanti flew around in his private jet and quite enjoyed the media attention. “The company needs to procure orders to be in business. So, you don’t need to shoot webs out of wrists; your smile can charm Spidey into doing it. It was almost a sure shot way of ensuring Suzlon remained with him. It sounds even more incredulous as the SBI-led consortium eventually took 60% haircut, the higher end for which Brookfield was negotiating. An ambitious entrepreneur wants to create, grow and capture as much of the market as possible. Sun Pharma’s Dilip Shanghvi did step in as a white knight in 2015 but failed to stem the bleed (See: When wind met sun). Includes DocuBay and TimesPrime Membership worth ₹1499 & ₹999 resp. A few months later, all the independent directors including bank nominees (five in all) quit the board of Suzlon. Bank, after bank, after bank, has been giving his company loan, after loan, after loan despite numerous defaults and restructuring attempts. “He pays top dollar but is a control freak. The Shanghvi family will remain a financial investor in Suzlon, while Tulsi Tanti (promoter) will retain management control. Commenting on his appointment, Suzlon Group Chairman and Managing Director Tulsi Tanti said he is delighted that Ashwani Kumar is joining the Suzlon family. While new directors have come on board, IDBI does not have a nominee yet. Story goes that the brothers were dismantling the mills one day, were intrigued by them and did more research on the wind-power market. Renewable energy has transformed into a mainstream source of energy offering power plant scale solutions, making his experience highly … Not only has he managed to retain control of the company but has also ensured there is no change in the promoter,” he says. Copyright © 2019 Outlook Business!. It was almost a sure shot way of ensuring Suzlon remained with him. Its global assets, barring India, were acquired by Siemens Gamesa. Earlier, the banker says, Brookfield Asset Management had made an offer to buy a majority stake in Suzlon. 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. 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. 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). The larger consensus was that approaching the tribunal would have yielded only 15% of the value, besides being time-consuming,” he adds. Suzlon’s stock price has lost 99% of its value since listing, on the back of continuous dilution. In 2018, Suzlon was the market leader with 41%. How far did Baba Ramdev stretch to bag Ruchi Soya? The Economic Times Digital Payments Forum, Why technology is the only path to sustained growth for MSMEs, Joining the family business? +Includes DocuBay and TimesPrime Membership worth ₹1499 & ₹999 resp. “That was conveyed to the board as well and then we decided to give it another shot,” he adds. Make sure you are in their good books.”. Investors, Sanjiv Bajaj aur COVID-19. 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. Tanti flew around in his private jet and quite enjoyed the media attention. Tulsi Tanti Blogs, Comments and Archive News on Economictimes.com. 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. Banks need to say ‘no’, push the company to IBC and force a change in the management,” he explains. Satish Mehta. Suzlon Group chairman and managing director Tulsi Tanti said: I am delighted that Ashwani Kumar is joining the Suzlon family. “Ideally, the bankers should have insisted on a change in management before anything else. The other worrying part is that bulk of Suzlon’s order book flows through central and state auctions (See: Seller beware). Like IiAS, SES has also recommended shareholders to vote against the resolutions proposing reappointment of both the directors. 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. According to BloombergNEF, in 2019 Siemens Gamesa had 30% market share compared to Suzlon’s 19%. Kapadia says all this led to Suzon going into the red and net worth turning negative. He obviously knew more than we did.”. While everyone else was petitioning the government to give them power subsidies, Tanti decided to go off-grid. 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. For a decade now, debt restructuring has been an ongoing saga. 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. 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. Be it Bharat Forge with CDP, Dr. Reddy’s with Betapharm, Tata Tea with Tetley, Tata Steel with Corus or Havells with Sylvania or the acquisition of Hansen and REpower by 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. That joy was not entirely unfounded with the Suzlon stock already having moved to Rs.24.5 at the time of the conversation or a cool 36% gain. In fact, states such as Gujarat, Maharashtra and Tamil Nadu saw a fall in industrial power consumption in FY20 compared with FY19. 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. Tulsi got married with Gita. “. Then there is intensifying competition to contend with. A detailed questionnaire sent to Suzlon Energy did not elicit a response either. Later renamed Senvion, it was sold for €1 billion to Centrebridge Partners, a private equity group, with the objective of paring down debt. Indian-American Dr Raj Iyer has … 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). 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. Prior to joining Suzlon in April 2016, he had stints at Reliance Power, Punj Lloyd and NTPC. “The right thing to do was take the company to NCLT,” he says. 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. 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. He brings with him rich experience of power and infrastructure sectors in India. “It was said in a very calm and composed way. All pages of the Website are subject to our terms and conditions and privacy policy. The old fashioned. The consortium of 18 banks was led by SBI which had an individual exposure of Rs.43 billion. 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. Suzlon itself plays it up in its investor presentation as “Stable service revenue insulated from business cycles”. Tulsi Tanti worked in a textile company run by his family, in the coastal city of Surat. Contours of the deal are still being worked out. He has an elder son namely Pranav Tanti and a daughter named as Nidhi Tanti. The three independent directors who resigned were Ravi Uppal (earlier with ABB, L&T and Jindal Steel & Power), Vijaya Sampath (a lawyer who was general counsel to Bharti Group) and Venkataraman Subramanian (an energy sector expert who sits on the boards of Adani Enterprises, Sundaram-Clayton among others). Strangely, on the contrary, there is no incentive for good governance and for taking hard decisions to ensure a clean banking system. 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. The 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. In that sense, we were helpless,” one of them said. Brookfield was a global infra asset operator with substantial renewable energy assets under management and Vestas, a well-established wind energy OEM. Days Trial Satish Mehta is a famous businessman of India, he also the founder and director of Emcure Pharmaceuticals and it is a largest distributor of pharma in India and US. 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 appears as if the promoters have the bankers on their side,” he says. Tulsi Tanti: Indian Entrepreneur. You must not reproduce, duplicate, copy, sell, resell or exploit any material on the Website for any commercial purposes. Wind energy has always been on a weak footing in terms of economics, barring government incentives there was never a case for it. He has an elder son namely Pranav Tanti and a daughter named as Nidhi Tanti. Tulsi Tanti, chairman and managing director of Suzlon Energy, has picked up a 49% stake in cable TV firm Digital Outsourcing for around Rs 100 crore, reports Business Standard. 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. Tulsi Tanti: India's 'Wind Man' June 09, 2006. 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. Infrastructure “He brings with him rich experience of power and infrastructure sectors in India. But that does not address the core issue of sustenance in an industry which is in the doldrums. Nidhi Tanti advises to not feel entitled & respect others. Our work is exclusively for discerning readers. 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. Investors and shareholders may find it difficult to trust the company again. Updated: Jan 07, 2021, 12.25 PM IST. In 2008, the sub-prime crash happened, lender generosity thinned and debtors came calling. In 1995, they set up Suzlon, a portmanteau of ‘. For reprint rights: The she difdig is enjoying the money, father dog looted from shareholders of Suzlon !!! It appears as if the promoters have the bankers on their side,” he says. Equity has gone with the wind, but debt is eternal at Suzlon. 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. 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. IPO was … “Engineering is a subject that the management of Suzlon knows and financial engineering is something that we know,” he said with a laugh. Powerful friendsThe Suzlon official quoted earlier has no doubt that Tanti had friends in high places, including in banks and governments. 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 is a classic case of poor lender diligence. The total revenues earned are around Rs. Suzlon adopted a business model wherein clients would be r… “I understand your concern about our investment. The Pune-based wind major, which had a … Clearly, this defense does not hold much water because it conveniently ignores the nearly Rs.20 billion in O&M revenue that the company had in FY20. 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. Suzlon Group chairman and managing director Tulsi Tanti said: I am delighted that Ashwani Kumar is joining the Suzlon family. 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 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. 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. He bought Belgian-based Hansen for $565 million (then the second largest takeover by an Indian company) and outbid French, state-owned nuclear company Areva to buy German turbine manufacturer REpower. What came to Tanti’s rescue was the inter-creditor agreement approved by RBI on June 7 last year. Tulsi Tanti Blogs, Comments and Archive News on Economictimes.com. The S111 is a technologically advanced product of the S88 and S97 2.1 MW family. “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. That is when we decided to move ahead with a debt structuring plan,” he explains. Tulsi Tanti Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. 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. Suzlon has been losing market share to players such as Siemens Gamesa. The Suzlon founder seems to have done this pretty well. His proximity to bankers is best demonstrated in a meeting to fund the REpower acquisition, a company bigger than Suzlon. 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