(MENAFN) Troubled Indian wind energy giant Suzlon said it had agreed to sell its German arm Senvion for USD1.17 billion to cut its growing debt levels, AFP reported.
The India-based firm was once a star of India's green technology industry, but has suffered mounting losses as the global economic crisis hit sales of its wind turbines.
"The proceeds would be used for debt repayment thereby reducing interest cost and augment business growth," the group's chairman said in a statement to the Bombay Stock Exchange.
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