IEA urges proactive measures to integrate renewables
Sep 18, 2024 11:17 CESTTaro Pharmaceutical Industries Ltd (NYSE:TARO) said Tuesday it will not proceed with the planned USD-250-million (EUR 234.5m) investment in a US wind project of Suzlon Energy Ltd (BOM:532667).
Taro, part of India-based Sun Pharmaceutical Industries Ltd (BOM:524715), dropped the plan just several days after it announced it officially.
Initially, the move was aimed at lowering the pharmaceutical company’s tax liabilities in the US. Following a further evaluation, however, Taro Pharmaceutical said in a statement that it had “decided not to pursue the wind energy project at the current time”.
The main reasons for such a change of heart probably include the fact that Indian turbine maker Suzlon is actually a connected person of the drug maker, and certain concerns raised by prominent brokerage houses that the wind segment is a completely unrelated business area, Indian daily The Economic Times reported.
Sun Pharmaceutical managing director Dilip Shanghvi and executive director Sudhir Valia currently hold substantial stakes in Suzlon.
(USD 1.0 = EUR 0.938)
IEA urges proactive measures to integrate renewables
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