Suzlon Energy's subsidiary decides to exit Brazilian market
Suzlon Energy's Brazilian subsidiary has decided to exit from the market. It has been operational in Brazil since 2006.
- SEOB decides to exit Brazilian Market
- SEOB was established in 2006
- SEOB's decision does not alter Suzlon's global operations strategy
Suzlon Energy Limited on Saturday announced that it has filed a voluntary liquidation of its Brazilian subsidiary.
In a BSE filing, the company said, "Suzlon Energy announces the filing of voluntary liquidation of its Brazilian market Suzlon Energia Eolica do Brasil Ltda (SEOB)."
A spokesperson of Suzlon said, "We believe that this is a responsible decision for the benefit of long-term sustainability of the company and its shareholders."
SEOB was established to manage business opportunities in Brazil in the year 2006.
According to Suzlon, SEOB has taken this decision after carefully considering all options and as a consequences of multiple factors that are unique in Brazil.
"The decision does not, in any way, alter Suzlon's global operations strategy, " said the company in the statement.
Suzlon has its international presence across 18 countries which includes Asia, Austrailia, Europe, Africa and North & South America also.
On Friday, Suzlon's share price ended at Rs 18.90 per piece on BSE down 1.05%. Market cap stood at Rs 9,813.04 crore.