Suzlon Energy today has executed a conveyance deed with OE Business Park Private Limited (OEBPPL) for the sale of its corporate office, One Earth Property, located in Pune, Maharashtra. The transaction, which was finalized on September 4, 2024, is valued at ₹440 crore. This amount includes ₹411.21 crore towards the conveyance of the property and an additional ₹28.79 crore for stamp duty and registration charges.
The corporate office will be leased back to Suzlon for a period of up to five years, during which the company retains sub-leasing and licensing rights. The agreement with OEBPPL also includes provisions for Suzlon to enter into contracts with the holders of securities issued by OEBPPL. These contracts allow Suzlon a call option to purchase and give the holders a put option to sell the securities.
OEBPPL is a special purpose vehicle, managed by funds from 360 ONE Alternates Asset Management Limited. It is not associated with the promoter group of Suzlon.
The sale of One Earth Property had been previously approved by shareholders during an extraordinary general meeting held on March 25, 2022. The transaction does not fall under related party transactions, nor does it involve any scheme of arrangement or slump sale.