Despite the debt pile increasing and many restructuring deals failing under his watch, he has managed to impress his bankers enough to let him retain control of the company. “He pays top dollar but is a control freak. 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. Suzlon’s stock price has lost 99% of its value since listing, on the back of continuous dilution. 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. Defaults were an eventual outcome for the already leveraged player. https://sites.google.com/site/whoamishamehta1/gujarati-entrepreneurs/tulsi-tanti Tanti believed nothing in the industry could change without his knowledge or in some cases would try and push it himself. In fact, states such as Gujarat, Maharashtra and Tamil Nadu saw a fall in industrial power consumption in FY20 compared with FY19. Strangely, on the contrary, there is no incentive for good governance and for taking hard decisions to ensure a clean banking system. Numbers sourced from the RoC show PV Power’s FY19 revenue at Rs1.88 billion with net profit of Rs.41.7 million. The company also has a majority stake in … +Includes DocuBay and TimesPrime Membership worth ₹1499 & ₹999 resp. https://sites.google.com/.../home/gujarat-connection/tulsi-tanti With survival at stake, Tanti chanced upon a solution that was literally blowing in the wind. InGovern’s Subramanian points to the lack of “noteworthy shareholding in Suzlon.”. As an entrepreneur, Tanti can’t be entirely blamed. The book’s tips include remembering to smile, giving sincere and honest appreciation, and arousing in the other an intense want. Tulsi Tanti built his empire on 'soojh-boojh', loans and one other secret ingredient. “. 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. 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. 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 … And piling up debt is a faster way to scale and boost overall shareholder return. Last July, the company defaulted on payment on $172 million to the holders of its foreign currency convertible bonds (FCCB). 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. 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. The Suzlon official quoted earlier has no doubt that Tanti had friends in high places, including in banks and governments. push the company to IBC and force a change in the management. Suzlon has been losing market share to players such as Siemens Gamesa. Last July, the company defaulted on payment on $172 million to the holders of its foreign currency convertible bonds (FCCB). 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. Tomorrow is different. 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. He has an elder son namely Pranav Tanti and a daughter named as Nidhi Tanti. Tulsi Tanti has done his graduation in commerce and he also holds a diploma in mechanical engineering. Indian-American becomes US Army's first CIO. Companies that have found a buyer after going to NCLT are those with a strong asset base. Alternative energy equipment suppliers such as Suzlon are heavily dependent on new installations which have come to a grinding halt. 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. Suzlon is a case of continuous restructuring, says Shriram Subramanian, founder and managing director of InGovern, a Bengaluru-based corporate governance and research advisory firm. 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. What went wrong at Rana Kapoor's Yes Bank. These options were deliberated on, says the banker to Suzlon quoted earlier. 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 company had begun to experience financial difficulties in the early 1990s, due to rising electricity costs. Before Suzlon Energy, Tulsi Tanti was into a business that … 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. engineered to deliver a 20% increase in AEP (Annual Energy Production) at the same hub height . Suzlon’s plans came unstuck post the 2008 financial crisis as it never regained the momentum to outrun its debt. The party endsWhen the going was good, Tanti refused to believe that the party would ever end. Nothing could stop Suzlon it seemed, not even the blade cracks experienced by some of its US customers. IPO was … 21,082 crore or US$ 3.75 billion, in the year 2011-12 with an impressive year on year growth of 18%. “. product has been specifically designed for Suzlon s next generation 2.1 MW turbine and is. They would also end up with equity in Suzlon at the end of the 20-year period. Tanti said the big insight from textiles was, ‘The first principle of business’ – “kabhi apna paisa mat dalo. A few months later, all the independent directors including bank nominees (five in all) quit the board of Suzlon. The other worrying part is that bulk of Suzlon’s order book flows through central and state auctions (See: Seller beware). Renewable energy has transformed into a mainstream source of energy offering power plant scale solutions, making his experience highly relevant for us. 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. Mr Tanti wanted to explore other avenues for fuelling his business’ need for power. Tulsi Tanti built his empire on 'soojh-boojh', loans and one other secret ingredient. But that does not address the core issue of sustenance in an industry which is in the doldrums. 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 holds Master of Science degree and in Bachelor of Art/Science from Pune University. “In that scenario, both the Vestas and Brookfield transactions would have yielded nothing to Tanti. [1] Tanti invested in two wind turbines made by the … Suzlon’s promoters, who currently hold 30.94% in the company according to stock exchange data, will retain … 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). Tulsi Tanti: India's 'Wind Man' June 09, 2006. Powerful friendsThe Suzlon official quoted earlier has no doubt that Tanti had friends in high places, including in banks and governments. Tulsi got married with Gita. Story goes that the brothers were dismantling the mills one day, were intrigued by them and did more research on the wind-power market. Ex-board members, They say he worked only towards a settlement with the bankers. “Having worked … The founder and CMD of Suzlon Energy, Tulsi Tanti, seems to have developed this power to influence. It is a vertically integrated wind power company and makes wind turbines, blades, generators, panels and towers in-house. In 2007 Tulsi Tanti, the founder of Suzlon Energy, was the tenth-richest person in the country, with a $10 billion fortune.Back then Suzlon was the … Ideally, the bankers should have insisted on a change in management before anything else. Jul 15, 2012, 11:06 AM IST The professionalism story is there but only for public consumption.”. After completed his graduation, he started his career in textile industry. For reprint rights: The she difdig is enjoying the money, father dog looted from shareholders of Suzlon !!! 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. https://www.theindianwire.com/business/list-richest-people-pune-8180 The banker’s explanation would have made sense if that O&M revenue was cyclical or faced potential decline going forward. Tanti could not make the most of the cash that REpower held as the German banks did not give him a free run. Both Shanghvi and Valia were then said to have been quite excited about the prospects of renewable energy in India. It’s been more than a decade of struggled existence as. According to BloombergNEF, in 2019 Siemens Gamesa had 30% market share compared to Suzlon’s 19% (See: Losing the high ground). The founder and managing director of Institutional Investor Advisory Services (IIAS) says, “It could always be that they were convinced by the promoter on the prospects of the company by way of contracts in the pipeline. The Chairman and Managing Director Tulsi Tanti and his family are staring at the possibility of losing management control. “He pays top dollar but is a control freak. Tulsi Tanti and family hold 58.14 per cent stake in the company. 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. Therefore, Dale Carnegie’s 1936 book on cultivating this superpower has a loyal following. “I would think Suzlon getting into solar energy at some point would be a more logical progression,” he said. In the banker’s opinion, the lenders’ indecisiveness cost them badly – some of the banks agreed with Tanti on valuation and others were unsure. “Renewable energy has transformed into a mainstream source of energy offering power plant scale solutions, making his experience highly relevant for us. Tulsi is a managing director of Suzlon Energy. The cost of electricity also offset any profits made by the company. compared to Suzlon s S97 wind turbine model. For a decade now, debt restructuring has been an ongoing saga. Amit Tandon finds it hard to understand why this restructuring deal was done, considering the company’s past record with debt restructuring. Whatever the justification, according to Subramanian, perennial debt restructuring simply sends a negative message. Tanti’s need to control his business seems to have affected the professional running of his business too. Her unlikely travel companions for the adventure were her parents, Tulsi and Gita Tanti. 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. This. “The right thing to do was take the company to NCLT,” he says. 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 … On his appointment, Tulsi Tanti, Chairman and Managing Director, Suzlon Group said, “I am delighted that Ashwani Kumar is joining the Suzlon family. Suzlon| Tulsi Tanti| Wind Power| Renewable Energy| NPAs| Debt, He started by importing windmills, two of them, when he and his brothers were running the family business of making polyester yarn. InGovern’s Subramanian says the banks should have been more aggressive with the recovery process. “Besides, the easy availability of finance during 2005-07 and strong global economic growth accentuated that ambition to turn to reality,” he says. Green turns redIn the early days, he was celebrated as a green warrior. Tanti had never been afraid to borrow. They started processing polyester yarn, and then graduated to making furnishing fabrics. He started his business career pharma in 1981. In 1994, he purchased two wind turbines and literally produced his own electricity. It must have seemed Quixotic to his peers. The bigger news was the resignation of its group CEO, JP Chalasani, a veteran of the power sector. Jul 15, 2012, 11:06 AM IST Yet, against all wisdom, Suzlon’s bankers have refused to throw in the towel or the rulebook at Tanti. And debt continues to be his fuel. He is a well-known name in the field of renewable energy. 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 … 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. Includes DocuBay and TimesPrime Membership worth ₹1499 & ₹999 resp. Or, with it, you don’t need to be rich; you can trigger a compelling want in a rich friend, like a banker, to get him or her to spend for you. 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. Tulsi Tanti and family hold 58.14 per cent stake in the company. 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.”. Story goes that the brothers were dismantling the mills one day, were intrigued by them and did more research on the wind-power market. Given that the company has already gone through restructuring earlier, Tandon says that another restructuring just delays dealing with the problem. Suzlon itself plays it up in its investor presentation as “Stable service revenue insulated from business cycles”. 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. Commissioning two windmills to supply electricity for the family's factory in Gujarat, on India's west coast, he realized that he had stumbled onto a promising business opportunity. You Telecom has cable TV operations in Mumbai, Bangalore, Visakhapatnam and Dharwad in Karnataka. Even the lenders would have had to take a huge haircut,” he says. The changed tariff regime was perhaps the least expected and one that hit the company hard. “Tanti has got a sweetheart of a deal. In FY19, on revenue of Rs.49.78 billion, it lost Rs.15.37 billion. Suzlon is a classic case of poor lender diligence. Effectively, taking into account the time value of money, the banks would be taking 60% haircut. Wind energy has always been on a weak footing in terms of economics, barring government incentives there was never a case for it. Gamesa and Suzlon are two of the world’s … It has an uncertain order pipeline, is money guzzling and involves government policies that are continually evolving. 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 S111 is a technologically advanced product of the S88 and S97 2.1 MW family. 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. 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. Tulsi Tanti Blogs, Comments and Archive News on Economictimes.com. In an elaborate conversation then with Outlook Business, Valia, Shanghvi’s brother-in-law and the one who structured the deal, said Suzlon “has technical capability but was not able to manage its finances too well.” When asked specifically about the investment trigger, Valia admitted this was a different scenario compared to pharmaceuticals. Perhaps, the beginning of Suzlon’s fall can be traced back to 2005, when finance was freely available and Tanti tapped into that supply for the next two years. It was bought for €1.5 billion and, in true Tanti fashion, the buy was financed largely through debt. Make sure you are in their good books.”. The REpower setback hardly made a dent on Tanti’s Teflon-like ambition. Given that the company has already gone through restructuring earlier, Tandon says that another restructuring just delays dealing with the problem. Its global assets, barring India, were acquired by Siemens Gamesa. 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. Updated: Jan 07, 2021, 12.25 PM IST . Suzlon has been losing market share to players such as Siemens Gamesa. 15 But none of them seemed promising. The connections he made both at the state and central levels helped him greatly,” he says. 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. Days Trial 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. Digital Outsourcing, floated in Januray this year, is a subsidiary of You Telecom, in which private equity firm Citigroup Venture Capital International (CVCI) has an 85% stake. 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. He started by importing windmills, two of them, when he and his brothers were running the family business of making polyester yarn. Even GWEC’s 2022 projection of 50 GW seems optimistic as Crisil has projected 49 GW by 2024. Merrill Lynch is believed to be one of the advisors to the transaction. When the going was good, Tanti refused to believe that the party would ever end. But the recent debt recast, where the bankers decided to back Tanti on generous terms taking 60% haircut on their loans, is baffling for the business case looks bleaker than ever. In 1994, he ordered two wind turbines from Danish manufacturer Vestas, essentially taking his factory off the power grid. 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 finances of state governments are nothing to speak about either, more so as the Centre has still not released their share of GST collections for FY20. The story of the formation … He brings with him rich experience of power and infrastructure sectors in India. Having worked extensively in … Then, textile businesses were incurring huge power bills and therefore found it hard to spend on other things such as innovation. The management style, he explains, is to seek consensus at work by day and give the impression that he is listening to you. In India, public sector bankers are hardly held accountable for their lending decisions. With the help of some of his … But Tanti is firmly seated in the driver’s seat. “It was fairly well known that access to funding was never an issue. Investors and shareholders may find it difficult to trust the company again. Suzlon Group chairman and managing director Tulsi Tanti said: “I am delighted that Ashwani Kumar is joining the Suzlon family. Ben Backwell, CEO, GWEC had then remarked, “Targets alone are simply not enough. Updated: Jan 07, 2021, 12.25 PM IST. He later realised that there was not much scope because of … To deal with the energy crisis, Tanti spotted a business opportunity, and founded Suzlon Energy Limited in 1995 with an initial investment of US$600,000. As it is, for the overall wind-power industry, capacity addition has slowed down. "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. 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. On his appointment, Tulsi Tanti, Chairman and Managing Director, Suzlon Group said, “I am delighted that Ashwani Kumar is joining the Suzlon family. 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. Will Tanti have another epiphany, about working collaboratively? These three states are also the ones with the most installed wind power capacity (See: Where the wind blows). With this, Tanti family and Shanghvi ended up with just around 34 per cent stake in total (Tantis 17.4 per cent and Shanghvis 16.5 per cent) against the proposed 59.86 per cent stake. Generation 2.1 MW family these three states are also the ones with the bankers refused. Founder and chairman Tulsi, Vinod and Girish in dire straits the underlying business gets worse of! 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