Former Billionaire And India's "Wind Man," Tulsi Tanti, Passes Away At 64
Tulsi Tanti, who specialized in both engineering and commerce, was born an entrepreneur. He and his three brothers launched a textile company instead of continuing their father's construction business. Tanti ordered two windmills for their textile industry in response to rising electricity costs. That inspired him to start investing in wind energy. He and his brothers established Suzlon in 1995 after selling some family property to raise $600,000 for startup funds.
Tanti stated to Forbes in 2006 that“Our country needs power for its economic growth, and clean, green power is the best option,”
After listing Suzlon in 2005, Tanti entered the billionaire club that same year with a net worth of $1.4 billion. By 2007, Suzlon was the most valuable manufacturer of wind turbines in the world, and Tanti and his brothers were each worth $10 billion. Tanti was feeling good because it had just prevailed in a competitive tender to buy its German rival Repower for $2 billion.
Soon after, Tanti encountered difficulties as Suzlon's stock fell as a result of news regarding the inferior quality of its blades. In 2012, the Tanti family left the list of India's wealthiest people. Suzlon had to sell some of his possessions in order to repay loans because of his heavy debt load.
Tanti discovered a saviour in pharma billionaire Dilip Shanghvi, who paid $290 million for a 20% stake in the company. The Tanti possess 15% of the current market.
Suzlon established itself as a leader in wind energy as the nation set ambitious goals for renewable energy. It currently operates 13.5 gigawatts, or nearly a third of the nation's installed base, and has a presence in 17 other nations.
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