Suzlon Energy’s founder chairman Tulsi Tanti passes away due to cardiac arrest

• Just before suffering a cardiac arrest, Tulsi Tanti had addressed the media announcing Suzlon Energy’s ₹1,200 crore rights issue.
• Tanti said the proceeds would be used to pay debt and interest, among other things.
• He was known as one of the pioneers of renewable energy in India and bagged recognition from the United Nations, apart from others.

Tulsi Tanti, the founder chairman and managing director of Suzlon Energy died late on October 1 due to a cardiac arrest. The 64-year-old Gujarat-based businessman is survived by his children Nidhi and Pranav.

“With profound sadness, we inform you of the untimely demise of Tulsi R. Tanti, the Founder, the chairman and managing director, and one of the promoters of Suzlon Energy Limited on 1st October 2022. Shri Tanti suffered a cardiac arrest and passed away the same day,” Suzlon Energy said in a stock exchange filing.

Tanti passed away soon after flying to Pune from Ahmedabad, where he was addressing the media to announce the opening of Suzlon Energy’s ₹1,200 crore rights issue, starting October 11.

During the media briefing, Tanti had underlined that the proceeds of the rights issue would be used to repay debt and reduce interest liabilities, apart from meeting working capital and corporate requirements.

Tanti was amongst the first in the industry to enter the renewable energy space. He founded Suzlon Energy in 1995 and the company now has 19.4GW wind energy capacity with a 33% market share in India. The company has its presence in 17 countries around the world, including R&D centres in Germany, Netherlands, Denmark, among others.

At the time, the renewable energy space was dominated by international players which offered expensive and complicated technologies. With the renewable energy industry taking off now – Adani and Ambani, India’s richest men, have committed billions of dollars to it – Tanti quipped that the time is now right, and that Suzlon entered the business two decades early.

Tanti was also the chairman of Indian Wind Turbine Manufacturers Association, and was awarded ‘Champion of the Earth’ by the United Nations Environment Programme in 2009. He also won recognition as ‘Hero of the Environment’ by TIME Magazine in 2007, among others.

Suzlon Energy had returned to stability in FY22 after a string of major losses in the years prior – it made a small profit in FY21, but reported over ₹4,200 crore cumulative loss in FY20 and FY19.

The company nearly doubled its revenue in FY22 from FY21, and its interest expenses had gradually come down, bringing a major source of expense under control.

The ₹1,200 crore rights issue is aimed at further paring the debt and easing the pressure on its balance sheet. It opens on October 11.

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