Suzlon Energy Founder Tulsi Tanti Passes Away

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Tulsi Tanti founder and chairman of Suzlon Energy, died late in the evening on October 1.

After a brief stop in Ahmedabad, he flew back to Pune where he had founded Suzlon 27-years ago and was later diagnosed with fatal cardiac arrest.

He was the driving force behind Suzlon’s growth since its establishment in 1995, Tanti’s vision and strategic acumen has transformed Suzlon and made it a global powerhouse in the energy sector. A world-renowned expert on renewable energy, Tanti believed in creating sustainable businesses and a sustainable world through energy independence and security.

India has a total wind energy capacity of around 40 gigawatts (GW), with Suzlon Energy accounting for a third.

In January 2008, Suzlon Energy’s total market capitalisation reached an all-time record of Rs 68.067 crore. It stands now at Rs 8,536 million.

The world is rich in untapped renewable resources that could provide five times the energy requirements of mankind. Tanti stated that we must develop and embrace technologies to harness these resources and create sustainable futures for mankind in 2009. He was named a Champion of the Earth by the United Nations Environment Program (UNEP), in 2009, for his entrepreneurial vision in fighting climate change.

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Tanti displayed global ambition by acquiring companies overseas, long before India was a global player and its green energy goals were declared. The story of India’s Wind Energy Market is mirrored in many ways by Tanti and the company that he founded in 1995.

Ashwani Kumar (CEO, Suzlon Energy) sent an email to more than 5,500 employees around the world. He stated, “This is by no means the most heartbreaking communication I have ever sent …”.

Last week Suzlon Energy had said its board has approved raising Rs 1,200 crore via a rights issue of 240 crore shares.

The Securities Issue Committee of the Board, at its meeting, approved the rights issue, the company had said in a regulatory filing.

The company will raise Rs 1,200 crore through issuance of 240 crore shares with face value of Rs 2 each at an issue price of Rs 5 per share. The number of outstanding equity shares will increase from 1007,30,87,083 to 1247,30,87,083 after the issue (assuming full subscription), it added.

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