Tulsi R.Tanti, the founder, the chairman and managing director, and one of the promoters of Suzlon Energy passed away on October 1. He suffered a heart attack and passed away soon after. He was 64 years old.
“With profound sadness, we inform you of the untimely demise of Shri Tulsi R.Tanti, the Founder, the Chairman & Managing Director, and one of the promoters of Suzlon Energy Limited (the “Company”) on 1st October 2022. Shri Tanti suffered a cardiac arrest and passed away the same day,” Suzlon Energy said in a filing today.
“In this difficult time, the Company continues to be supported by its highly experienced board of directors and senior management who are both able and committed to take Shri Tanti’s legacy forward and realise his vision for the Company,” the renewable energy firm says.
Tanti was born on February 2, 1958 in Rajkot in Gujarat, Western India to Ranchhodbhai and Rambhaben belonging to a farming family as well as involved in business. He is survived by his wife and two children, son Pranav and younger daughter Nidhi.
He was a pioneer in the Indian renewable industry and was one of the first clean energy entrepreneurs of India. He spearheaded the wind revolution in India with the founding of Suzlon Energy in 1995. Under his able leadership, the company established and went beyond benchmarks, emerging as a prominent player in the global renewable energy market.
Speaking to Fortune India, I.C. Mangal, CEO, GOMS & International Sales (EM), Suzlon Global Services said, “He (Tulsi Tanti) was the person who gave birth to an entire renewable revolution in the country. Nobody before that knew about wind turbines, their advantages, and how they can be harnessed and adopted in India."
On the rights issue, Mangal said, “The offer will go as per plan”. “It was his dream and it cannot be left halfway through.”
Last week, Suzlon Energy, one of the country’s leading renewable energy company, announced to raise ₹1,200 crore through rights issue to the eligible equity shareholders of the company. The issue will open for subscription on October 11 and will close on October 20. The funds raised through the issue will be partially used to repay loans and meet general corporate purposes, subject to receipt of consent from its lenders.