Suzlon Energy sells Pune headquarters for Rs 4.4 billion

06 Sep 2024 CW Team

Renewable energy firm Suzlon Energy has sold its headquarters, One Earth, in Pune for Rs 4.4 billion as part of its non-core asset monetisation strategy. The buyer, OE Business Park Pvt Ltd (OEBPPL), is a special purpose vehicle whose shares are held by funds managed by 360 ONE Alternates Asset Management.

Following the sale, Suzlon has entered a leaseback agreement, allowing it to continue occupying the property for up to five years, with the right to sub-lease and license parts of it. This marks one of India's first sale and leaseback deals for a corporate headquarters.

Himanshu Mody, CFO, Suzlon Group, emphasised that the divestment is part of the company's long-term strategy to unlock capital for growth and fund its growing 4 GW order book. The transaction will not impact Suzlon?s operations, and the company remains focused on reinvesting in its core business now that it is debt-free.

Suzlon also retains an option to repurchase shares and securities of OEBPPL at a later date, giving it flexibility in future ownership decisions. Sale and leaseback transactions like this allow companies to convert real estate assets into liquid capital while continuing to use the property, enhancing financial flexibility for growth and expansion.

(ET)

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