Suzlon Energy Ltd. founder and chairman Tulsi Tanti passed away on Sunday following a cardiac arrest.
Tanti spearheaded the wind revolution in India with the founding of Suzlon Energy in 1995.
Tanti was also the chairman of Renewable Energy Council of Confederation of Indian Industry (CII) to provide direction to India's green energy strategies.
“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 on 1st October 2022. Shri Tanti suffered a cardiac arrest and passed away the same day,” the company said in a filing with stock exchanges.
His death comes at a time when the company, which is into manufacturing and servicing of wind turbines, is in the process of raising Rs 1,200 crore through a rights issue.
Before foraying into wind energy, Tanti owned a textile business which he sold in 2001. Suzlon got its first order in the US in 2003 from DanMar & Associates for supply of 24 turbines in southwestern Minnesota.
"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 taking Shri Tanti's legacy forward and realise his vision for the company," the firm said.
Prime Minister Narendra Modi too condoled his death.
"Shri Tulsi Tanti was a pioneering business leader who contributed to India's economic progress and strengthened our nation's efforts to further sustainable development. Pained by his untimely demise. Condolences to his family and friends. Om Shanti," he tweeted.
Tanti complained of chest pain in his car in Pune after returning from a press conference in Ahmedabad. He asked the driver to take him to a hospital but died before getting any medical help.
He is survived by his wife Gita, son Pranav, and daughter Nidhi.
Born in 1958 in Rajkot, Tanti graduated from Gujarat University with a bachelor's degree in commerce. He founded Suzlon Energy, now valued at Rs 8,535.9 crore, in 1995.
He was also the chairman of Belgium-based turbine parts maker ZF Wind Power Antwerpen since May 10, 2006 and the president of the Indian Wind Turbine Manufacturers Association.
Sumant Sinha, founder and CEO of ReNew Power, took to Twitter to condole his demise.
"Very saddened to hear about the passing away of Tulsi Tanti. He was such a visionary and a pioneer of our industry. Many of us owe a lot to him. Truly a loss for all of us. Deepest condolences to the entire @Suzlon family."
"He was the one who got me into the renewable energy industry, and made it more interesting through the sheer force of his personality. He was truly one of a kind," he added.
Tanti's death comes at a time when Suzlon Energy was set to open its Rs 1,200 crore rights issue on October 11.
The group was looking to repay debt, fund working capital and deploy the rest for general corporate purposes.
He was widely known as the visionary who pioneered the renewables revolution in India. He spearheaded the wind energy revolution in India with the founding of Suzlon Energy in 1995.
He envisioned the opportunity in the Indian renewable energy industry at a time when the global wind energy market was dominated by international players and characterised by expensive and complicated technologies that were largely unviable for traditional businesses.
Instituting a new business model, he conceptualised an end-to-end solution to create realistic avenues for businesses to 'Go Green' and thus emerged as a strategic partner in developing sustainable businesses.
Under Tanti's leadership, Suzlon emerged as a prominent player in the global renewable energy market.
His vision led to Suzlon setting up R&D centres in Germany, the Netherlands, Denmark and India that employ over 200 engineers.
(With PTI inputs)