Suzlon Energy has renamed its German subsidiary REpower Systems as Senvion with effect from 2014, the wind turbine maker said Thursday.
REpower has been using its name under licence since 2001. The rights belong to a Swiss company that is now using this name itself. Therefore the external corporate design will be gradually changed, the company said in a press release.
"In addition to having unique products and services, we will also be the only company with this name. As Senvion we will continue along our path as a strong brand and remain an innovative company in the wind energy industry," Andreas Nauen, chief executive officer of REpower Systems SE, was quoted as saying in the release.
The Tulsi Tanti-promoted wind turbine maker, which has been severely hit by the double whammy of huge debt and slowdown in business, piled up Rs 14,000 crore in debt and has reported losses for the past three years. The company recently received approval to recast debt totalling Rs 9,500 crore under the Corporate Debt Restructuring programme that gives the company a two-year moratorium on principal and interest payments and additional working capital limit that would improve the company's cash position and drive execution.
Suzlon has identified non-critical arms like SE Forge, SE Electricals and its China manufacturing units to for stake sale or complete sell-out. Although some of its bankers are believed to have demanded a stake sale in its German Subsidiary, REpower Systems, the company has repeatedly denied any plan citing it is a 'jewel in the crown' and critical for company's growth.
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