Suzlon Energy

Suzlon Energy is Hansen’s controlling shareholder and is one of the world’s leading manufacturers of wind turbines. Suzlon Energy through its subsidiary, AE-Rotor Holding BV, controls 73.7 % of Hansen. The relationship between Suzlon Energy and Hansen is governed by the Relationship Agreement, which ensures that Hansen and its subsidiaries are capable of carrying on their business independently of Suzlon Energy and any of its associates, and that transactions and relationships with Suzlon Energy and its associates are at arm’s length and on normal commercial terms. It also provides Suzlon Energy with the right to appoint up to two non-Executive Directors for so long as Suzlon Energy holds 26% or more of the Company’s voting rights. Hansen has also entered into a long-term supply agreement with Suzlon Energy for the supply of wind turbine gearboxes. In addition, Hansen is currently developing a customised wind turbine gearbox for REpower (an associate company of Suzlon Energy) and is negotiating the terms of a general supply agreement with REpower.