Managerial Communication

Final Report
on
The Suzlon Edge

Submitted by: Group 4

Amit Saboo (B18008)
Muthamil Sardar (B18031)
Pankhuri Shrivastava (B18034)
Shashwat Konar (B18046)
Shivranjan Kabad (B18048)
Shubham Kaul (B18050)
Shyam Somani (B18051)

Submitted to:
Prof. Rahul Shukla

September 7, 2018
INDEX

Sr. no. Topic Page no.

1 Executive Summary 2
2 Situation and Background Analysis – Pre 2008 Era 3
3 Problems as on 2008 5
4 Alternatives 5
5 Consequences 6
6 Trade-offs 7
7 Impact of Decision Taken in 2008 as Analysed in 2018 8
8 Journey of Suzlon from 2008 to 2018 9
9 Problems and Challenges being faced by Suzlon in 2018 11
10 The Way Forward 12
11 References 14

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Executive Summary
In the second half of the decade starting in 2000, a major push towards establishing additional
sources of renewable energy was initiated, fueled by geopolitical, natural and economic
phenomenon. Wind energy emerged at the forefront of this change, as evinced by a 27% growth
rate in 2007. Suzlon, established in 1995 sought out opportunities to affirm itself as the global
market leader, a vision espoused by its founder Mr Tulsi Tanti. It continued its aggressive
strategy of vertical acquisition which finds its origins in the takeover of Südwind Energy and
AE Rotor Holdings. The strategy was also directed at a continuous effort to integrate its supply
chain. Suzlon achieved this by acquiring REPower Systems, the third largest turbine
manufacturer in Germany in 2007, hence foraying into the multi-watt turbine sector. This was
in line with its previous acquisition of Hansen Transmission, a gearbox and drive train
manufacturer. This impetus propelled Suzlon to position itself as a global player in the wind
turbine supplier business. The European strategy was also mirrored across the pond in the
United States by setting up a manufacturing plant in Minnesota and establishing a Chicago
office for business. The reward, however, does come with its own share of challenges. Its
aggressive growth rate of 50% is threatened by its own size and exacerbated by the 2008
recession. Maintaining high-quality standards is a key goal it is yet to achieve, evident in its
dealings with Edison Mission Energy. What began as a company which set up a 3.34 MW wind
farm in Gujarat now has to create synergy within its subsidiaries and integrate technologies,
components and people to not stall at a juncture where the future holds promise. Analyzing the
information provided, there are multiple alternatives Suzlon can pursue to hope to realize its
ambitions. It can continue with vertical integration or attempt to consolidate existing business
or as a last resort adopt the GE model, outsource business requirements and reduce its debt
burden by generating capital through the strategic sale of business units. It is recommended the
short term efforts be directed towards achieving temporary debt relief to boost investor
sentiments. This fiscal exercise can be achieved by undergoing a corporate restructuring aimed
towards reducing liabilities such as long-term loans and borrowings. Seeking out markets in
geographies where there exists a supportive policy towards renewable sources of energy would
also incentivize Suzlon’s activities to achieve greater profitability. Stabilization in the short
term would assist the emergence of an accelerated long-term growth. A key to achieving this
is building credibility with existing lenders as well as partnering with new vendors who have
a greater appetite for risk. With the wind energy industry on the cusp of a new wind in India,
the focus for Suzlon has to be on volume. An ambitious but rewarding goal, which it can fulfil
by streamlining its operations to achieve lower operating costs. Exercising prudence in
operating practices coupled with continuing its favourable approach towards R&D are also
vital in achieving the vision it started it out with. Suzlon over the next decade can emerge
strong, gaining maturity from its trials to provide for a new era of achieving cleaner and greener
energy.

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Situation and Background Analysis – Pre 2008 Era
Global Wind Industry:
With the increased concern of the depletion of non-renewable energy sources, its
environmental impacts and hiking prices world started seeking more of renewable energy
resources to meet their energy demands, especially after the arab oil crisis in 1970’s. Wind
energy stand out to be one of the most efficient and dependable source of energy creating a
huge market potential in the field.
By 2007, the global wind industry was going at a high pace with growth rate of 27% alone in
2007 pushing up the global total installed capacity to 94000MW [1].
The growth in wind industry attracted many companies whose main business lay outside
turbine manufacturing and project development sectors. Also the wind energy market expanded
out of its original base Europe to China, India and US.
Offshore wind industry was also picking up accounting to 1% of total installed capacity
indicating huge market potential. UK have a set goal of generating 33000MW by 2020 to meet
the power requirement of every household through offshore project [2].
Across the globe governments were also positive towards wind energy sector passing various
policy changes and incentives supporting the wind energy sector. Policy changes were made
to introduce feed- in-tariff, tax reduction, subsidies, green certificate systems, public tendering
and renewable portfolio standards (RPS).

Figure 1 Global Cumulative Installed Capacity 1995-2006(ibid)

Suzlon’s Position in Global Market

Suzlon entered the wind energy market in 1995 as a turbine manufacturer, with a vision to
provide renewable energy to meet power requirement of India. By 2008 Suzlon’s aggressive
growth policy have transferred it into one of the world’s top 5 manufacturer of wind turbines
with a revenue of $2.81 billion dollars in FY 2008 [3]. Suzlons factories spanned across 4
continents and wind farms constructed across Asia. In India it became the market leader with
50% of market share.
When Sudwind GmbH, a German company with which Suzlon had collaborated to access the
technology for wind turbine production in India in its early years closed down due to financial
troubles in 1997, Suzlon took over the manpower and started manufacturing own turbines.

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Initially as its engineering and manufacturing plants where in India, though it helped in
reducing the manufacturing cost to a good extend, it was difficult for Suzlon to be recognised
as a major player in global wind energy market. So inorder to grow and survive in the global
market Suzlon decided to focus on integrated solutions which called for vertical expansion.

1995 1995 1997 1997 2004 2006 2007

Suzlon Energy Collaboration Südwind Acquisition Suzlon Bought Acquired
was born with Sudwind Energy of AE Rotor moved to Hansen Repower
Acquisition Holding Denmark Technologies

Figure 2 Series of critical decision taken by Suzlon

Backward and Forward Integration

AE Rotor Holding BV: Suzlon acquired this rotor blade manufacturer in the Netherlands to
expand its product portfolio offering. But the company was struggling to get components for
manufacturing turbines so decided to go with downward integration.
Hansen Transmission International: Derived out of the need for reliable source of high quality
gearboxes, in 2006 Suzlon acquired Hansen, headquartered in Belgium one of the leading
manufacturer of gearbox and drive trains for wind turbines. The vertical acquisition increased
in house manufacturing capability of Suzlon which included rotor blades, generators,
gearboxes and towers. The successful IPO of Hansen Transmission in London Stock Exchange
in 2007 raising $584 million created confidence in investors on Suzlons ability to fund future
expansion plans [4]. The acquisition of Hansen gave a competitive edge to Suzlon as its
competitors like Siemens were customers of Hansen.
Repower Systems AG: In 2007, Suzlon acquired the then third largest turbine manufacturer in
Germany, Repower systems AG. The acquisition of Repower and Hansen increased the
production capability and reduced the lead-time of turbine manufacturing and installation.
Going ahead with the aggressive growth policy Suzlon moved onto providing services like
installation and maintenance of wind farms. With that Suzlon was growing into a global one
stop solution provider for wind energy requirements in the market.
Global Horizontal expansion
Asia
Suzlon mainly focused on India and China among the Asian countries. Chinas economic
growth, increased energy consumption along with government policy to push renewable energy
set an attractive ground for wind energy companies in China. Chinese market was challenging
as policy dictated 70% of components are to be locally sources for wind turbines. Suzlon build
a $60 million plant in Tianjin. In 20008 India was ranked fourth in terms of global installed
capacity. Indian government and various state government and Renewable Energy
Development Agency (IREDA) incentives promoted growth of industry and thereby Suzlon.
USA
Suzlon entered US market when only 1% of US electricity came from wind energy. Attracted
by the wind availability, government incentives and market possibilities Suzlon setup a plant
in Minnesota. It helped in providing quick service support to the customers nearby. Suzlon set
up headquarters in Chicago employing 350 people. US became second largest market for
Suzlon after India.
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Europe
Europe was the pioneer in embracing wind energy. Suzlon established its first International
headquarters in Denmark, in 2005. In 2007, Suzlon opened Global Management center in
Netherlands. With two if its major acquistions, Hansen and Repower based in Europe, Suzlon
was able to cater to other countries like Portugal, Turkey. IN 2008, Suzlon and Repower
founded Renewable Energy Technology Center (RETC), in Hamburg, Germany which local
universities and contribute towards R&D goals of Suzlon.
Growth and Setbacks pre 2008 era
By 2008, Suzlon was operational in 16 countries with over 13000 employees from more than
14 nationalities. With the aggressive growth goal of 50% annually came with much challenges
in cross cultural communication, technology integration, accounting systems, shipping,
managing people and the rising costs. Also another major challenge was to maintain the quality
of the porducts. In February 2008 Suzlon had to recall 1251 blades costing Suzlon $30 million.
Edison Mission Energy cancelled second half of its order of 300 Suzlon turbines after one third
of the blades from Suzlon which they purchase had begun to split indicating less attention in
quality standards [5].

Problems as on 2008
1. Maintain aggressive growth goal of 50% annually in the ruffled times of economic
recession, which became apparent in 2008, whilst maintaining high quality standards
for the products to meet the requirements of different countries.
2. To create unique “Suzlon culture” integrating people from various cultures and
backgrounds to facilitate better communication and bring together technology, people
and operational systems into one single interconnected system.

Alternatives
1. Continue Vertical integration
Suzlon can continue with its aggressive strategy of acquiring firm to strengthen its
supply chain network. At the same time, it can also add look for the opportunity of
forward integration though strengthening distribution channels, maintenance solutions
and servicing. Forward integration will be in line with company’s vision to provide end
to end solution to the customers.
2. Consolidation of existing business
This alternative suggests Suzlon to slow down with its aggressive strategy to back to
back acquisitions and focus more on the consolidation of the newly acquired businesses.
As such company’s vertical integration for main components was almost over with
Hansen’s acquisition, but over ambitious company went ahead with acquiring repower
at highly inflated price which landed itself in huge debt.
3. Outsourcing and capital generation
Suzlon can outsource some of the business requirement and concentrate on key business
issues. It can also sell the some subsidiaries to generate capital to tackle mounting debts.

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Consequences
1. Continue with Vertical integration
Pros
1. Vertical integration will iron out the inefficiencies in the supply chain of the critical
components.
2. It will allow the company to increase its visibility in untapped market and capture its
market share.
3. Forward and backward integration will ensure company to provide end to end solution
to its consumers. Acquiring distribution, maintenance and servicing companies will
provide fillip to company’s ability to provide turnkey solutions.
4. Acquisition provide Suzlon an access to new technologies and best practices of global
companies which is essential for companies to remain influential in growing industry.
Cons
1. Company is already reeling under huge long term debts as a result of Repower
acquisition. Therefore, company cannot afford to further stress its balance sheet and
increase its debts. This will eventually make company’s operations unsustainable.
2. Every merger and acquisition requires parent company to understand the functioning
of the acquired company so as to bring the synergy and enhance efficiency. But in case
of Suzlon continuous acquisition has left no time of the company to leverage the
benefits of the synergy.
3. Aggressive acquisition will not allow company focus on operations, knowledge transfer
and consumers.
4. Acquisition in different geographies increases the risk emanating from fluctuation
market scenarios, government policies and geopolitical scenarios.

2. Consolidation of existing business

Pros
1. Consolidation of the existing and newly acquired company will allow Suzlon to
leverage cross company learning especially offshore technology and increasing the
production efficiency by following best practices from other subsidiaries. The overall
impact of these strategy will enhance the quality of product and provide customer
satisfaction.
2. It will help Suzlon to iron out cross cultural issues, mainly arising from the fear that
company will shift base to India from German which will cause job loss, by giving
more time to the employees through various engagement
3. Suzlon desperately requires to get its operation in order to repay its long term debts
which can be made possible by consolidating its businesses.
Cons
1. It will deprive company from expanding its reach to other big markets like China and
USA.
2. Company will have to rely on the suppliers for smaller parts which may cause delay in
production.

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 3. Outsourcing and capital generation
Pros
1. Consolidation will allow company to understand the newly acquired business and will
help tackle cross cultural issues
2. It will allow company to repay its long term liabilities
Cons
1. Company will have to rely on suppliers for critical components which may cause delay
in production.
2. Company will not be able to reap the benefit of the investments made in acquiring and
developing the businesses. These businesses are in the adulthood and are ready to give
the return to the organization.

Trade-offs
It is recommended for Suzlon to focus on consolidation so that it can repay its long term debts,
focus on human resource management, and cross-cultural issues and increase production
efficiency. However, these measures will come at the opportunity cost of losing share in big
markets. It will also have to compromise on supplies of small parts. But if we look at the current
scenario, Suzlon is the fifth biggest player in the industry and controls the supplies all major
components of wind turbine after Hansen’s acquisition. Therefore, on comparing pros and
cons, Suzlon should go for consolidation.

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Impact of Decision Taken in 2008 as Analysed in 2018
Impact of aggressive growth policy:
The most significant decision taken by Suzlon in 2007-08 was of following the strategy of
aggressive growth. For this growth, it resorted to foreign borrowings and total debt
surmounting to Rs.10000 crores. Hence Suzlon ended with a leveraged balance sheet due to
very high amount of loans and advances. During the crises of 2008, Indian rupee depreciated
against US dollar and hence mark to market losses on these loans increased considerably
denting the profitability of the company. Out of all the major acquisitions, it is the acquisition
of Repower that weighed Suzlon down. German law made it difficult for Suzlon to acquire
Repowers, because of which it had to increase its stake in the company to more than 90%[6].
USA and Europe were largest two markets for Repowers and during the global crises of 2008,
these two markets suffered huge crises. Hence, demand for wind energy as it needed huge
capital investment suffered a huge setback. This added to RE powers woes.
Impact of organisational restructuring:
Also there was an organisational restructuring in 2008 where Mr. Tanti himself handled the
risk management division. As he was a very ambitious person who believed in aggressive
growth of the company, it is believed that in an atmosphere where conservatism had to be
shown in spending, he was still pursuing aggressive growth model. As he was heading risk
management department, it is believed that he his ambitions got better of everything.
Impact of launch of new products without consolidating existing market:
It also launched new products in the market without working in improving the quality of the
existing products. Also since there was very little competition to the suppliers of Suzlon, there
were vert frequent delays from supplier’s side. Hence instead of bridging this gap, Suzlon went
on launching new products to increase market share. This resulted in inferior quality and Suzlon
suffered a mighty blow when Edision Mission Energy, a unit of Edison International, reported
that almost a third (45 out of 144) foot long blades it had bought from Suzlon began to break
down at r of their sites which were situated in the Midwest of USA. As a precautionary
measure, Suzlon recalled 1251 blades which costed around 30 million dollars. Edison mission
energy had cancelled 2nd half of its order for 300 turbines whose delivery was due in 2009.
This was the first major setback in Suzlon downward growth.
Impact of failure of repayment of debt
Suzlon failed to pay a debt of $209 million which led to cashless restructuring of its foreign
currency convertible bonds (FCCB). As it was not able to pay its debts, it was unable to raise
new capital form the market. No addition of capital severely affected its on going projects
negatively impacting the company’s books.

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Journey of Suzlon from 2008 to 2018

2013- Rs.1,800 crore

2012- Debt
2011- S9X of wind increase in working
surmounted to $209
turbine developed capital by consortium
million
of 19 banks

2015 - Sold RePower 2014 -Bullish wind

2015 - Funding of Rs
for €1 billion to market after new govt.
1800 Cr by Dilip
Centerbridge Partners emphasised on
Sanghvi
LP renewable energy

Figure 3 Journey of Suzlon from 2008 to 2018

Figure 4 Annual Revenue and EPS Growth Rate [7]

Figure 5 Retained Earnings Growth[7]

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Suzlon’s share price was at its peak in 2008 and was trading at around Rs.400/share. Suzlon
following its aggressive strategy of market expansion had taken some debts from foreign
investors, and the financial crises which hit in 2008, impacted the entire wind segment and
as a result had a cascading effect on Suzlon energy as well. As a result, its prize fell
drastically to less than Rs. 50 in 2009. Then Suzlon was on its path of revival as it signed
contracts with companies like TB industrial group and Ayan Enerji of Turkey among
others. As a result, its share price increased to around Rs. 150 [8]. But increasing debt and
its inability to repay led to loss of credibility among investors leading to constant decline
of its share price. With change of government regime in India in 2014 and new
government’s emphasis on India being a global leader in production of renewable energy
coupled with capital infusion of Rs. 1800 crore by Mr. Dilip Sanghvi, had a positive impact
in the minds of investors on company’s revival, and its share prices increased by 100% .
But since then its share price is decreasing and currently it is being traded at Rs. 7.06/share.

Figure 6 Share Price over the years

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Problems and Challenges being faced by Suzlon in 2018
High Negative Net Worth
As on 31st March, 2018, Suzlon has a negative net worth of Rs 7000 crore. It made a loss of
384 Crore in the period 2017-18. The total debt stands at 6096 Crore. Suzlon needs to work on
its operations in order to increase profits and reduce the debt amounts progressively.
Low Tariffs
Suzlon has been facing challenges with respect to low tariffs and high competition. For wind
energy procurement, the most common methods include using a feed-in tariff or through a
bidding process using closed envelopes. Till now, the open envelope bidding process has been
used. This has raised competition. As a result, the tariffs have fallen to the lowest [10]. The state
of Tamil Nadu has been using the closed envelope bidding process for wind energy. If this is
extended across the country, it would help Suzlon and the wind energy industry.
Issues with exports
Suzlon has been facing challenges in increasing its exports. In addition, it had divested a some
of its overseas operations. However, it plans to re-enter the overseas market. It is important
for India to focus on easing the market regulations and help firms in increasing their exports.
Upto 5 GW [11] per annum of wind energy can be exported by India. For that to happen,
however, it is important that the right ecosystem is built and the right policies are framed. Going
forward, this needs to be a big priority. It would push “Make in India”, and also enhance the
acceptance of Indian products abroad and help in the growth of the Indian economy. It would
help decrease trade deficit that we have with many countries.
Funding issues with renewable energy sector
Firms like Suzlon have often faced challenges in receiving funding from financial institutions
and banks. Lack of credibility is one of the major reasons for this. At the same time, this issue
spans across the sector. Renewable energy, even in 2018, suffers from hesitance in funding
from the point of view of the lenders. Ironically, renewable resources require large scale
funding, especially with the initial investment and the fixed assets. Ideally, a percentage of
funds of banks and financial institutions should be earmarked for financing renewable projects.
Such measures would also help ensure lower costs to the consumer, and make the market more
attractive for wind energy, in turn helping firms like Suzlon increase profits.
Purchase issues with states
Suzlon has faced issues with the policies and regulatory requirements, as well as with purchase
by states. There is no predictability with respect to the policies that are framed. It is essential
that states honour all the agreements that are made with respect to wind energy. They need to
make purchases as per the obligations. It is important that minimum alternative tax, which is
levied on renewable energy products, is waived off. This would give greater impetus to the
wind energy sector. Wind energy should be openly accessible across states, with no barriers,
in order to increase accessibility and in turn increase production efficiency.

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The Way Forward
Actions for current financial period (FY19)
1. Conservative Approach to Clearing debt
While it may be easy to criticize Suzlon’s aggressive strategies up till 2008 retrospectively, it
was driven by a rather plausible ambition of being a leading global player in the wind turbine
industry. Although this ambition still remains close to the company’s vision as well as the
chairman’s core values, it needs to be deprioritized given the financial position of the company.
The large outstanding debts and overall highly negative net worth of the organization call for
a conservative approach to managing the finances of the company. Such a sentiment is shared
by the retail shareholders of the company, who in July 2018 vetoed the proposal to raise an
additional Rs 2,900 crore through issue of equity shares and debentures [12]. Given that the
Suzlon stock (NSE: SUZLON) is trading at 7 rupees per share, as of the date of writing this
report (September, 2018), it is imperative to retain shareholder confidence by taking
conservative decisions that most people would find agreeable.
Hence, it would be advisable to reduce liabilities such as borrowings and long term loans on
the company’s balance sheets before considering expansion plans. The management has
already taken great strides in doing so and has succeeded in reducing about Rs. 675 Crore worth
of non-current liabilities [13]. In the short run, keeping this approach central to any business plan
would perhaps be crucial.

2. Corporate Restructuring and Refinancing

Another short term solution to reduce the financial stress is opting for corporate restructuring.
This would essentially entail identifying areas that need restructuring i.e. major liabilities like
loans or securities and calculating and securing financing to restructure the finances. This
would essentially help Suzlon refocus from repayment of existing debts in the short term to
positioning itself for growth and profitability for the long term. Once the business picks up, the
management can re-prioritize debt reduction and possibly use profits for the repayment of loans
and other liabilities.

3. Look for geographies which recently encouraged RES

With global economies stabilizing and the threat of environmental factors higher than ever,
countries are once more shifting emphases towards sustainability, in part by incentivizing
private players to enter markets and grow operations, through subsidies, tax benefits and
various grants. Both China and Australia have shown promising developments in this sector,
and have been considered by Suzlon in the past few years for expansion.

Figure 7 Recommended Action Plan

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Recommended long-term restructuring plan
4. Building credibility with lenders
In the current scenario, lenders are cautious in financing Suzlon’s operations due to the high
amount of outstanding loan already present. As a result, Suzlon either gets unfavourable
credit/loan terms from lenders, or needs to include nominee members of the bank such as the
appointment of Ms. Pratima Ram in 2015 by State Bank of India, the appointment of Mr Brij
Mohan Sharma in 2018 by IDBI Bank. Having more such members be added can dilute the
decision-making autonomy currently enjoyed by the CEO and the Chairman. Hence, in order
to regain lender confidence, Suzlon should focus on the following -
a. Repayment of existing loans, as discussed in point 1 above.
b. Finding newer lenders, with a greater risk appetite. Successful and periodic repayments
to these banks/lenders would also affect market perception of Suzlon and increase
lending attractiveness of the company.

5. Leveraging the Indian Market: Focus on Volumes

The Wind Energy industry underwent a major transition in 2017 when the Ministry of Power
decided to replace the long used feed-in-tariffs (a cost-based compensation system) in favor of
competitive bidding. The regulatory changes impacted most of the major players of the wind
energy sector including Suzlon whose financial reports went into red again. However, the
regime change is largely being seen as a sign of maturity and a step towards realizing the full
potential of the industry. With the wind tariffs bottoming out, the key to the game is no longer
tariffs but volumes that can be absorbed by the market. With the government targeting the
addition of 227 GW of renewable energy by 2022 [14], it is imperative for Suzlon to use this
opportunity to drive up their volumes to remain profitable under the new regulatory changes.

6. Strengthening operational efficiencies

Currently, Suzlon’s operational performance is still in question despite the company having
posted profits for several quarters since 2016. Given the negative net worth, plummeting stock
value and high existing debts, Suzlon urgently needs to focus on gaining credibility across
stakeholders. To increase the net consolidated profits, Suzlon needs to streamline its operations
and optimize its operating costs. Suzlon has weathered years of stress to finally reach a point
where the company is seeing profits albeit sporadically. It is imperative that the company brings
in more prudent operating practices, cuts down on inefficiencies and makes its business leaner
and stronger from the ground up. Another key element to profitability is improving productivity
by investing in technology and innovation. Suzlon has always invested in R&D to upgrade its
technology, even in the face of difficulties and needs to continue to do so to come up with
products that give better energy yields to enhance productivity and consequently, profitability
in the longer run.

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