Indian wind turbine company Suzlon Energy Ltd. will pay a $490,000 penalty for pollution violations in the U.S. over a period of four quarters, starting from the current quarter, the company said Friday. "This refers to a 2008 issue at our subsidiary Suzlon Rotor Corp., a Pipestone-based manufacturing facility," the company said in a statement. It added that it "has been in full compliance with all environmental norms in the state since this was discovered". "We are pleased we have reached a collective decision with the Minnesota Pollution Control Agency and have already fulfilled all (100%) environmental related requirements put forth in the findings. We regard this matter as closed." Suzlon Rotor Corp., Suzlon Energy's U.S.-based unit, agreed to a settlement on July 7 in the Pipestone County District Court, the Minnesota Pollution Control Agency said in a statement on its website. Suzlon Rotor Corp. has "agreed to resolve air quality, hazardous waste, solid waste, and stormwater violations at its wind turbine blade manufacturing plant in Pipestone," the state agency said. It said an inspection in 2009 had "revealed sand blasting operations far exceeded emissions standards for airborne particles" and that Suzlon "failed to evaluate waste for hazardous substances, or properly manage its hazardous waste". "Suzlon also installed a fourth blade production line without the necessary air emissions permit," the agency said. The Minnesota Pollution Control Agency also said the company had paid a $19,000 penalty in a 2008 agreement for "alleged violations of air quality regulations." Suzlon Energy's shares were down 7.1% at 48.05 rupees ($1.08) in midday trade on the Bombay Stock Exchange.