The old fashioned lalaji in him is very much there,” points out an ex-Suzlon official. Jul 15, 2012, 11:06 AM IST +Includes DocuBay and TimesPrime Membership worth ₹1499 & ₹999 resp. 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. Tanti believed nothing in the industry could change without his knowledge or in some cases would try and push it himself. The banker says the priority of the repayment schedule in Brookfield’s offer was statutory payments followed by debt, preferential capital and finally equity. Tulsi is a managing director of Suzlon Energy. In 1995, founder Tulsi Tantiwas managing a 20-employee textile company. 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. The cost of electricity also offset any profits made by the company. 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. With the economy slowing down, power consumption has anyway been falling drastically. In India, public sector bankers are hardly held accountable for their lending decisions. Sharp Insight-rich, Indepth stories across 20+ sectors, Access the exclusive Economic Times stories, Editorial and Expert opinion, Nidhi Tanti's family sojourn to Antarctica: No luxury cruise, lot of emotions, & a travel milestone, As summer rolls in and plans are made to escape the rising temperatures, Suzlon’s. The connections he made both at the state and central levels helped him greatly,” he says. 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). In 2005, Suzlon’s public issue was a huge success – the offer price of Rs.510 was no deterrent in a buoyant market and it was oversubscribed 15x. It is a vertically integrated wind power company and makes wind turbines, blades, generators, panels and towers in-house. The resolution plan requires Suzlon promoters to infuse just Rs.3.92 billion. It has a global presence with offices … Tulsi Tanti Blogs, Comments and Archive News on Economictimes.com. Strangely, on the contrary, there is no incentive for good governance and for taking hard decisions to ensure a clean banking system. You must not reproduce, duplicate, copy, sell, resell or exploit any material on the Website for any commercial purposes. The banker’s explanation would have made sense if that O&M revenue was cyclical or faced potential decline going forward. Investors, Sanjiv Bajaj aur COVID-19. In fact, it was a learning he picked up from his time in the textile industry. Besides, Tanti entered this business in the nineties, when it looked as fanciful as buying land on the moon. “Engineering is a subject that the management of Suzlon knows and financial engineering is something that we know,” he said with a laugh. Chalasani was one of the key people involved in the completion of the debt restructuring. The problem being Tanti, who built his empire on debt, never considered it a hindrance, according to a former confidante and now, consultant. A banker to Suzlon defends their decision of not approaching the tribunal. Tanti’s need to control his business seems to have affected the professional running of his business too. Investors and shareholders may find it difficult to trust the company again. Equity has gone with the wind, but debt is eternal at Suzlon. The larger consensus was that approaching the tribunal would have yielded only 15% of the value, besides being time-consuming,” he adds. “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. 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. The company’s spread is all around the globe including Asia, Australia, Europe, Africa, South America and North America. It sounds even more incredulous as the SBI-led consortium eventually took 60% haircut, the higher end for which Brookfield was negotiating. Tulsi Tanti Blogs, Comments and Archive News on Economictimes.com. Tanti said the big insight from textiles was, ‘The first principle of business’ – “, Effectively, taking into account the time value of money, the banks would be taking 60% haircut. Tulsi Tanti has done his graduation in commerce and he also holds a diploma in mechanical engineering. Tanti believed nothing in the industry could change without his knowledge or in some cases would try and push it himself. To be fair, green-energy isn’t an easy business. Founded by Tulsi Tanti in 1995 Suzlon Energy Limited is a wind turbine supplier having its head-office in Pune, Maharashtra. 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 REpower setback hardly made a dent on Tanti’s Teflon-like ambition. It was almost a sure shot way of ensuring Suzlon remained with him. “That was conveyed to the board as well and then we decided to give it another shot,” he adds. 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 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. Defaults were an eventual outcome for the already leveraged player. 7. Tulsi Tanti Blogs, Comments and Archive News on Economictimes.com. 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. Promoted Tulsi Tanti and family hold 58.14 per cent stake in the company. The bigger news was the resignation of its group CEO, JP Chalasani, a veteran of the power sector. Whatever the justification, according to Subramanian, perennial debt restructuring simply sends a negative message. Suzlon Group chairman and managing director Tulsi Tanti said: I am delighted that Ashwani Kumar is joining the Suzlon family. What has made things worse for the banking system is, ministerial interference aside, the primary aim of every bank chairman is to evergreen bad loans to the degree possible during his tenure to avoid a bad report card for himself. What came to Tanti’s rescue was the inter-creditor agreement approved by RBI on June 7 last year. Tanti’s need to control his business seems to have affected the professional running of his business too. What went wrong at Rana Kapoor's Yes Bank. Shameless like Fekuchand Chaiwala. 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.”. Tulsi Tanti was born on 2nd February 1958 in Rajkot, he is a famous businessman of India. Days Trial They would also end up with equity in Suzlon at the end of the 20-year period. 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. MUMBAI: Greenko Group is acquiring Orange Renewable from Singapore’s AT Capital Group for an enterprise value of $850 million, ending weeks of intermittent negotiations. But, people involved in the restructuring process at Suzlon say Tanti was never keen on closing the deal. He further added that, “Having worked extensively in infrastructure as well as in utility management, Ashwani is the right fit for the organization given the current context of new opportunities for wind and renewable energy in India and all over the … In such a background, it would be very optimistic to assume that Suzlon’s existing order book will see either smooth execution or prompt payments by SEBs. Having worked extensively in … compared to Suzlon s S97 wind turbine model. Commenting on his appointment, Suzlon Group Chairman and Managing Director Tulsi Tanti said he is delighted that Ashwani Kumar is joining the Suzlon family. It is a vertically integrated wind power company and makes wind turbines, blades, generators, panels and towers in-house. They started processing polyester yarn, and then graduated to making furnishing fabrics. Our work is exclusively for discerning readers. The Suzlon official quoted earlier has no doubt that Tanti had friends in high places, including in banks and governments. They would also end up with equity in Suzlon at the end of the 20-year period. 21,082 crore or US$ 3.75 billion, in the year 2011-12 with an impressive year on year growth of 18%. Before Suzlon Energy, Tulsi Tanti was into a business that … The wisdom, not to mention the intent of banks, is open to question because they turned down two potential bidders who were in much better shape financially and in terms of management depth. 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. 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. 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. In a debt restructuring exercise concluded recently, it was decided that the company’s debt of Rs.130 billion would be converted into sustainable and unsustainable loans — the former will be Rs.36 billion and would be paid in 10 years at an interest of 9% per annum. Indian-American becomes US Army's first CIO. The other major lenders were IDBI (Rs.16.7 billion) and Bank of Baroda (Rs.14.58 billion). 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 … Through thick, thin and terrible, the Suzlon Energy promoter has displayed the ability to charm banks and retain control. 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). The old fashioned. Nidhi Tanti advises to not feel entitled & respect others. The Economic Times Digital Payments Forum, Why technology is the only path to sustained growth for MSMEs, Joining the family business? After completed his graduation, he started his career in textile industry. In fact, states such as Gujarat, Maharashtra and Tamil Nadu saw a fall in industrial power consumption in FY20 compared with FY19. The new directive gave banks the discretion to implement a resolution plan within six months, failing which the stressed account would be dealt at NCLT. Inciting hatred against a certain community, 15 The party endsWhen the going was good, Tanti refused to believe that the party would ever end. The Chairman and Managing Director Tulsi Tanti and his family are staring at the possibility of losing management control. He is a well-known name in the field of renewable energy. While new directors have come on board, IDBI does not have a nominee yet. “Renewable energy has transformed into a mainstream source of energy offering power plant scale solutions, making his experience highly relevant for us. Nothing could stop Suzlon it seemed, not even the blade cracks experienced by some of its US customers. The story of the formation … 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. Effectively, taking into account the time value of money, the banks would be taking 60% haircut. A Suzlon official, who worked with Tanti, remembers having that discussion with him just after the company had gone public. Given that the company has already gone through restructuring earlier, Tandon says that another restructuring just delays dealing with the problem. 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. The story today could not have been more different. Tanti said the big insight from textiles was, ‘The first principle of business’ – “kabhi apna paisa mat dalo. 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. The total revenues earned are around Rs. 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. Insiders say the asset manager dropped out after Tanti refused to cede operational control. Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. The company also has a majority stake in … IPO was … This. Tulsi Tanti awarded Global Indian Award: The Canada India Foundation for global entrepreneural vision had awarded Mr. Tulsi Tanti With the Global Indian Award: History. He has an elder son namely Pranav Tanti and a daughter named as Nidhi Tanti. “He pays top dollar but is a control freak. “It dropped sharply from Rs.5-6/kWh to Rs.2.43-3/kWh. 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. 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. It was a source of great annoyance for Tanti. It must have seemed Quixotic to his peers. An ambitious entrepreneur wants to create, grow and capture as much of the market as possible. With it, you don’t need to fight crime in a bat costume; you can simply pick the right ‘thank you’ card to send Batman. 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. Suzlon Group chairman and managing director Tulsi Tanti said: I am delighted that Ashwani Kumar is joining the Suzlon family. 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. That decline in tariff meant an impact on the value chain, be it the developer, wind equipment manufacturer or the logistics companies,” explains Kapadia, who adds that the impact on a wind equipment manufacturer such as Suzlon saw its Ebitda margin dropping by half to 8-9%. “Ideally, the bankers should have insisted on a change in management before anything else. 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. It had been barely two months since Dilip Shanghvi Family and Associates (DSA) picked up 23% stake in Suzlon Energy at Rs.18 per share in early 2015. 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. 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. Commenting on his appointment, Suzlon Group Chairman and Managing Director Tulsi Tanti said he is delighted that Ashwani Kumar is joining the Suzlon family. But a 20-year repayment schedule that has been offered to the company does not support this hypothesis (of improved prospects).”. In 2017, the shift in feed-in tariff (fixed price contract) to an auction-based system meant lower tariffs. 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? For reprint rights: The she difdig is enjoying the money, father dog looted from shareholders of Suzlon !!! 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. Tulsi Tanti takes Rs 1.46-cr pay cut as Suzlon slips into red. Brookfield wanted complete control over Suzlon. engineered to deliver a 20% increase in AEP (Annual Energy Production) at the same hub height . In 2020, the target addition was 2.6 GW, which seems hard to achieve given the washout post COVID-19. 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. The professionalism story is there but only for public consumption.”. A few months later, all the independent directors including bank nominees (five in all) quit the board of Suzlon. 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. Tulsi Tanti takes Rs 1.46-cr pay cut as Suzlon slips into red. That was in early 2015 and since then Senvion itself has filed for bankruptcy. 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. Renewable energy has transformed into a mainstream source of energy offering power plant scale solutions, making his experience highly relevant for us. 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. 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 S111 is a technologically advanced product of the S88 and S97 2.1 MW family. It has a significant global market share of around 13%. The changed tariff regime was perhaps the least expected and one that hit the company hard. 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. Copyright © 2019 Outlook Business!. Merrill Lynch is believed to be one of the advisors to the transaction. “It was said in a very calm and composed way. A week after Suzlon’s debt restructuring announcement, the company announced its Q4FY20 numbers where it lost Rs 8.34 billion. But this venture was beset … Both Shanghvi and Valia were then said to have been quite excited about the prospects of renewable energy in India. In 1994, he purchased two wind turbines and literally produced his own electricity. Under the joint venture, Arcapita will invest $2 billion to develop a 1,650-mw portfolio of wind farms in Inner Mongolia in China by 2012. Tulsi Tanti and his family directly and indirectly own 66 per cent of the Rs 13,670-crore Suzlon Energy, the world’s fifth leading supplier of wind turbines with a 10.5 per cent share of the global market. Indian-American Dr Raj Iyer has … Updated: Jan 07, 2021, 12.25 PM IST. Even GWEC’s 2022 projection of 50 GW seems optimistic as Crisil has projected 49 GW by 2024. 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 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. Story goes that the brothers were dismantling the mills one day, were intrigued by them and did more research on the wind-power market. Tanti flew around in his private jet and quite enjoyed the media attention. ” he explains. When a sector stagnates for long, consolidation is the eventual outcome. 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. InGovern’s Subramanian says the banks should have been more aggressive with the recovery process. But Tanti is firmly seated in the driver’s seat. Hence, for wind OEMs, you cannot ignore the other possible scenario. Colossus is a Singapore-based … Ex-board members, They say he worked only towards a settlement with the bankers. It was almost a sure shot way of ensuring Suzlon remained with him. Confronted in 1994 with escalating power costs, Tulsi Tanti's young textile business was in dire straits. Founded by Tulsi Tanti in 1995 Suzlon Energy Limited is a wind turbine supplier having its head-office in Pune, Maharashtra. Satish Mehta. The connections he made both at the state and central levels helped him greatly,” he says. https://sites.google.com/.../home/gujarat-connection/tulsi-tanti According to Harshit Kapadia, associate vice president, Elara Capital, Suzlon’s decision to make big ticket acquisitions such as Hansen and REpower was driven by the ambition to be among the top five wind manufacturers globally. Tulsi Tanti's estimated Net Worth, Salary, Income, Cars, Lifestyles & much more details has been updated below. “It was fairly well known that access to funding was never an issue. The business was not in the best of health, mainly due to high operating costs caused by expensive electricity and the frequent power outages. Includes DocuBay and TimesPrime Membership worth ₹1499 & ₹999 resp. Suzlon was founded by Tulsi Tanti in 1995, when he was working in a family-owned textile company. 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. Mr Tanti wanted to explore other avenues for fuelling his business’ need for power. 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. With the economy slowing down, power consumption has anyway been falling drastically. The company had begun to experience financial difficulties in the early 1990s, due to rising electricity costs. Tulsi Tanti and family hold 58.14 per cent stake in the company. It appears as if the promoters have the bankers on their side,” he says. Your Reason has been Reported to the admin. As it is, for the overall wind-power industry, capacity addition has slowed down. Thus, despite the increase in tendering volume, not only has allocation of projects slowed down, but both under-subscriptions and cancellations of awarded tenders have also increased.” Shortly after Crisil’s report was released, the Ministry of New and Renewable Energy termed the report as “ill founded, factually incorrect and lacking credibility.”, Even as the orders are slowing down and interest in wind-power projects is weakening due to falling return on investment, what if some of the existing orders get cancelled on the grounds that they are no longer viable? According to BloombergNEF, in 2019 Siemens Gamesa had 30% market share compared to Suzlon’s 19%. 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. Chiefly, the fall in tariff further affects the viability of projects in the renewables space where IRR has anyway been driven by regulatory incentives like accelerated depreciation and generation-based incentives. 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. Tulsi Tanti worked in a textile company run by his family, in the coastal city of Surat. All pages of the Website are subject to our terms and conditions and privacy policy. IndusInd Bank Ltd was the banker to the offer. In 1995, they set up Suzlon, a portmanteau of ‘soojh-boojh’ (the ability to judge a situation correctly) and ‘loan’. Explaining … Tanti and family hold less than 20 per cent stake and, of that, more than 76 per cent has been pledged. The bigger News was the trigger to step down with substantial renewable energy has transformed into a source. 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