New Delhi, Sep 27 (IANS): Dilip Shanghvi family will continue as investors in Suzlon, but have terminated a formal Shareholder’s Agreement.

"While we will continue as investors in the company, we have taken a decision to terminate the formal Shareholder’s Agreement signed in 2015," Dilip Shanghvi said on the termination of the agreement with Suzlon.

Dilip Shanghvi on behalf of Dilip Shanghvi Family and Associates (DSA) said, “Over the last eight years, we have had a fruitful association with Suzlon and the Tanti family. I always had and continue to have great respect and admiration for Tulsibhai. He was a great entrepreneur, a visionary and a renowned expert on clean energy.”

“We signed a mutual agreement with Suzlon and it’s promoters in February 2015, making investments to help the company capitalize on the growing opportunities in the renewable energy sector. We support the management’s plan to aggressively grow the business as well as their efforts towards regaining market share. The company has seen a turnaround under a challenging environment, which is a positive sign,” the statement said.

“We continue to be excited about the future and prospect of wind energy and its importance in achieving the net-zero objectives of our Prime Minister and the government," it added.