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MBA (I) III batch
07
Suzlon Energy Ltd. Acquisition of Hansen Transmission
Financial Analysis
Submitted by: Chandan Kumar, Vivek K. Singh, Harjeet Sinam, AkashyeChandre, Pradip Kumar Muarya & Ankur Muarya
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Executive Summary: Suzlon Acquisition of Hansen
The year 2006 have been probably known as the year when Indian business and Indian business
man emerge on the global map. India’s emerging in the global business arena has been driven
mainly by acquisition and mergers. The acquisition of Hansen by Suzlon energy had been one of the landmarks in the acquisition by an Indian firm of a foreign company.Basically Suzlon Energy limited is a global wind turbine manufacturer. In March 2006 SuzlonWind Energy signed a definitive agreement for the strategic acquisition of HansenTransmissions. Hansen Transmissions is a major wind turbine gearbox manufacturer with stateof the art manufacturing facilities in Edegem and Lommel in Belgium. Suzlon gainstechnological leadership from the integration of research and development, design andproduction to evolve the next generation of more reliable wind turbines.Suzlon Energy Limited ("Suzlon") with its subsidiary, AE - Rotor Holding BV based inNetherlands entered into definitive agreements to acquire Hansen Transmissions InternationalNV ("Hansen"), based in Belgium, one of the largest wind energy and industrial gearboxmanufacturers in the world, for EUR 465 million (RS 2511crores) enterprise value, in an all cashtransaction.This acquisition will help Suzlon to access to global market, leveraging the synergy with theexisting businesses, strengthening the acquired by the company by a better management, reducecompetitive thread and vulnerability to the other global giant and create a global company.
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Introduction
What is acquisition? The activity of setting and managing requirements, negotiating and lettingcontract, project and technology management, supp ort and termination based on a through lifeapproach.
About Suzlon Energy Limited (SEL)
Suzlon Energy Limited is a global wind turbine manufacturer with operations in Australia,China, European Union, India, South Korea and the United States. Suzlon operates R&D centresin the Germany, Netherlands and India to leverage the region's leadership in the wind powerarena. SEL is the world's 6th largest wind turbine manufacturer (BTM Consult World MarketUpdate 2004) and the dominant player in the wind industry marketplace in India for the pasteight years. Suzlon has installed over 1.5 GW of WTG capacities around the world includingIndia and the United States with more coming up in Australia, China, Europe and Korea.Suzlon's International Business Headquarter is located in Denmark where Suzlon has establisheda wholly owned subsidiary, Suzlon Energy A/s, which in turn has country headquarters inBeijing - China, Chicago - USA and Melbourne - Australia. SEL is the world's sixth largest windturbine manufacturer (BTM Consult World Market Update 2004) and has been the dominantplayer in the wind industry market in India for the past nine years.
About Hansen Transmissions International
Hansen Transmissions International NV ("Hansen"), headquartered in Belgium is a leadinggearbox and drive train manufacturer with strong R&D capabilities and modern manufacturingfacilities in Edegem and Lommel in Belgium. Hansen has a focus on the fast growing windturbine generation sector and is also active in other industrial segments of the gearbox market.The Company was founded in 1923 and its primary manufacturing facilities are in Belgium, withsales, assembly and service centers in the UK, US, South Africa and Australia. It employs 1200engineering and management professionals spread across the establishments. Hansen's current
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