Five years ago, Sudhir Valia was in a happy state of mind when he spoke to this magazine and made no attempt to conceal it. It had been barely two months since Dilip Shanghvi Family and Associates (DSA) picked up 23% stake in Suzlon Energy at Rs.18 per share in early 2015. Eyebrows were understandably raised about what Shanghvi, the founder of Sun Pharmaceuticals saw in the heavily indebted wind turbine maker as he cut a cheque for Rs.18 billion. That preferential allotment would eventually reduce the holding of the Tanti family from 30.94% to 24%, though control was to remain with them. It was also decided that DSA and Suzlon would form 50:50 joint venture for the development of 450 MW wind farms. More importantly, the money would come in handy to reduce Suzlon’s debt, which was now at a whopping Rs.170 billion.