Mumbai: Suzlon Energy said on Saturday it has completed buying Martifier’s stake in Germany’s REpower Systems for €87.6 million ($122 million).
In a notification to the Bombay Stock Exchange, Suzlon Energy, the world’s fifth-biggest wind turbine maker, said after the completion of this two-part deal, it now holds 90.72% of shares and voting rights in REpower Systems.
“The completion of the purchase of Martifer’s stake in REpower is a major milestone for Suzlon,” Tulsi Tanti, chairman and managing director of Suzlon Energy, said in a statement.
The final tranche of shares, accounting for approximately 14.4% stake in REpower, was acquired in a two-part payment plan with a payment of 87.6 million euros on 29 May and an equivalent amount on 5 June.
“We continue to pursue our long-term strategy for REpower and are committed to its growth and development,” Tanti said.
This follows payments of the first tranche of €65 million in December 2008 and the second tranche of €30 million in April 2009.
Ahead of the announcement, shares in the wind turbine maker ended down 4.3% at Rs130.90 in a Mumbai market that closed up 0.6%.