Troubled turbine manufacturer Suzlon has failed to pay an outstanding bond of US$172m that was due on be repaid Tuesday.
The India-based company told the Mumbai Stock Exchange that it “has not made the payment of the principle amount” and is working on a “holistic solution” for its debt.
Suzlon “continues to be in discussions with various stakeholders in relation to its outstanding debt (including the Bonds)”, added a notice published on Tuesday.
The manufacturer in May reported debt of Rs11bn for the end of its fiscal year 2019 with a total loss for the 12 months of Rs1,537 crores (€195m).
Talks with Canadian investor Brookfield, which is keen on acquiring a majority stake in the turbine company, are ongoing, according to a report in the Economic Times.
Suzlon shares traded down over 4% on Tuesday.
Brookfield and Suzlon declined to comment.