Dilip Sanghvi

Image Source: Reuters

Dilip Shanghvi staring at huge loss as Suzlon Energy heads to bankruptcy

Dilip Shanghvi, the billionaire-promoter of Sun Pharmaceutical Industries, is staring at a huge loss with renewable power firm Suzlon Energy heading for bankruptcy courts by next week. Shanghvi, who had invested Rs 1,400 crore in picking up 23 per cent stake in Suzlon in 2014 in his personal capacity, will be one of the top losers along with the Suzlon promoter, the Tanti family.

Bankers said Suzlon failed to come up with a debt recast plan by December-end deadline. According to the Reserve Bank of India guidelines, the lenders had sought approval from a credit rating agency for the debt

Source: Business Standard