The State Bank of India and other unnamed lenders have approved troubled turbine manufacturer Suzlon’s debt resolution plan.
Suzlon said in a letter to the National Stock Exchange of India that the plan was unanimously approved by the consortium of lenders.
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The company added that it is now working on finalising various definitive agreements with the lenders.
Suzlon’s board approved the measures last month that include the proposed sale of shares, the selling off of unspecified assets and changes to the company’s articles of association.
The company is currently carrying some €1.5bn in debt and posted a loss of RS743 crores (€95m) for the quarter ending 31 December 2019.