As the world’s fifth largest turbine maker, Suzlon is looking to sell its stake in the Belgium based company Hansen Transmissions to repay a part of its Rs 12,000 crore debt. Turbine makers Gamesa of Spain and Vestas of Denmark have joined the race to pick up the stake, reports The Economic Times.

The report also says that the deal is expected to be closed by the end of this week. The wind turbine maker is learnt to have been in advanced stages of discussion for selling its entire 61% stake in Hansen for about $1.3 billion. The market capitalisation of Hansen is pegged at around $1.6 billion. Suzlon, the country’s largest turbine maker, holds its stake in Hansen through its subsidiary, AE-Rotor Holding.

Reportedly, Suzlon is also talking to the New York Stock Exchange listed United Technologies Corporation for a selling a minority stake. The company is also learnt to have convened a board meeting on Saturday to discuss the sale of its entire stake in Hansen Transmissions besides discussing its consolidated financial results for FY09.

In January this year Suzlon had sold it 10% stake in Hansen Transmissions to the investment company Ecofin for Rs 60 crore. Suzlon had acquired Belgium-based wind turbine gearbox manufacturer Hansen for $645 million (€465 million) in an all-cash deal.

Earlier this month, Suzlon made the final payment due to the Portugal based Martifer Group for acquisition of its stake in REpower. It now holds 90.72% stake in Repower along with voting rights in the company. Suzlon had then funded the payment through debt of around Rs 600 crore.

In December 2008, Suzlon and Martifer had agreed on a revised payment schedule which allowed Suzlon acquire Martifer’s 22.4% stake in Repower in three tranches. Suzlon had to pay €65 million in December, 2008, €30 million in April, 2009, and a final tranche of €175 million in two equal parts by June 5.

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