Suzlon offers employee stock option worldwide to mark 15th anniversary
14 Apr 2010
Suzlon Energy Limited (SEL) is granting stock options to a majority of its employees to mark its 15th anniversary, Tulsi R Tanti, founder, chairman and managing director, announced today.
The scheme is open to all permanent employees of SEL and its subsidiaries (excluding REpower and Hansen) who have completed six months with the company, and have not been granted ESOP under any other scheme. In effect, the scheme reaches over 9,400 employees in 21 countries across five continents, the company said in filing with the Bombay Stock Exchange (BSE).
"What makes this ESOP initiative unique and important is its scale and reach. At Suzlon, we know our greatest strength is our employees. We have created a highly skilled, diverse and multicultural workforce, which has become a part of the Suzlon global family. I have always believed that those instrumental in creating wealth for the business should share in that wealth. This initiative is making that dream a reality," Tanti said.
He added, "It is hard to believe that 15 years ago we started the company with just three people. Today, Suzlon Energy Limited and its subsidiaries have almost 11,000 employees and a majority of them will be granted 1,500 share options each - totaling approximately 14 million shares, and about one per cent of the capital.
We hope and trust that this initiative of ours will not only make our employees true stakeholders and drive greater engagement - but also that this is something, which the broader corporate community will now consider adopting too,"
"I would like to thank everyone who has worked so hard to build Suzlon up to where we are
today - and look forward to celebrating our next milestones with the entire Suzlon family."
This special ESOP scheme would cover 90 per cent of its employees and aims at inclusivity.
Conceived in 1995 with just 20 people, Suzlon is now a leading wind power company with Over 14,000 people in 21 countries across the Americas, Asia, Australia and Europe.
Suzlon has a fully integrated supply chain with manufacturing facilities in three continents and R&D facilities in Denmark, Germany, India and The Netherlands and is market leader in Asia and 3rd largest wind turbine manufacturer in the world, with a combined (along with REpower) global market share of around 12.3 per cent.
