Mumbai: Pune-based wind power company Suzlon Energy Ltd.(SEL) will merge its wholly owned subsidiaries—Suzlon Towers and Structured Ltd.’s tower business and Suzlon Infrastructure Services Ltd.’s operations and maintenance division into itself.
In a statement to the stock exchanges on Monday, Suzlon informed that this arrangement will help reduce costs, improve products, operations, maintenance and services.
Additionally, this will facilitate in terms of providing as a common procurement facility for vendors and materials and services suppliers, it added. Share price of SEL rose 1.06% to end at Rs 52.25 per share on Monday, on the BSE.
According to analyst who did not wish to be due to company policy, the move was a restructuring process in order to streamline operations.