Suzlon’s US order canceled

Suzlon Energy, which opened on a negative note this morning, has rallied sharply to Rs 268.70, netting a handsome gain of 2.65%.

But caution advised. Suzlon Energy Ltd., said Edison Mission Energy has cancelled an order for 150 turbines. The US energy major has decided against buying the 2.1-megawatt turbines that were due for delivery in 2009, Suzlon informed the Bombay Stock Exchange. The cancalled order represents the second phase of the 300 turbine order. Edison has cancelled the order after blades, which were supplied by Suzlon, started cracking due to design problems. Suzlon had recalled 1,251 blades from its turbines. The company has also reportedly spent $30 million to repair cracked blades.

Reuters also confirming the same.

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