Senvion IPO timeline 'premature'

Wind group Suzlon is eying a part-listing for its Senvion turbine unit by March 2015, according to a report that was swiftly played down as "premature" by the Indian company.

Suzlon finance chief Kirti Vagadia was quoted by Bloomberg saying the company would target“this financial year” for a Senvion IPO, and noting that western markets are moving “in the right direction” for such a listing.

Speculation over a possible part-listing of Senvion has been growing since late March, when London was mooted as a possible home for a float of the unit formerly known as REpower.

A Senvion IPO has been talked about as a potential key plank of Suzlon’s restructuring strategy to restore financial stability after several turbulent years.

Suzlon has generally remained tight-lipped on the prospect, and a spokesman today said the comments attributed to Vagadia require clarification.

A spokesman said: “Bloomberg's story is [based on the] assumption that we may look at selling shares to conclude the restructuring plan. Suzlon Group is exploring various options to cement its Capital Restructuring plans in order to reduce debts in normal course.

“Accordingly we would relook at our capital structure during the next financial year and work on correcting it. However it’s too premature to define timelines.

“As per compliance, where there is a substantial development we shall inform the exchanges accordingly.”