(MENAFN) Indian Suzlon Group agreed to sell stake in its China unit to China Power New Energy Development Co. Ltd. for USD60 million, Reuters reported.
Suzlon, which owns wind-turbine maker Suzlon Energy, will sell the unit with the majority of its assets and liabilities, the group said in a statement.
Suzlon Group established its marketing operations in China in 2005, followed by a wholly-owned manufacturing facility in 2006.
The company, the world's fifth largest wind turbine maker by cumulative installed capacity, has till date installed over 900 megawatts of wind capacity in China.
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