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Suzlon raises stake in REpower to 76%

Suzlon raises stake in REpower to 76%
PTI
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First Published: Mon, May 04 2009. 05 28 AM IST
Updated: Mon, May 04 2009. 05 34 PM IST
Mumbai: Wind turbine maker Suzlon Energy today said it has paid €30 million euros ($39.6 million) for purchasing Martifer group’s stake in Germany’s REpower Systems AG, hiking its total stake in REpower to 76%.
“The transaction takes Suzlons holding in REpower to 76%. Suzlon already controls 91% voting rights in REpower through an existing agreement with Martifer,” Suzlon said in a statement.
The money was received on 30 April, Martifer SGPS SA had said in a statement on its website.
Pune-headquartered Suzlon needs to pay the remaining €175 million in May to complete the transaction.
It had paid €65 million as first tranche in December last year, hiking its stake in REpower to 73.1%. This is the second tranche of the €270 million euros that Suzlon had agreed to pay to buy Martifer’s 22.4 % stake in Hamburg-based REpower Systems.
“This is an important step forward, and clearly demonstrates we are on track to completing the acquisition of REpower, and realising synergies and benefits for both companies,” Suzlon Energy Ltd Chairman and Managing Director Tulsi Tanti said.
The company, through REpower, would supply and erect equipment for power projects in Canada from the next fiscal (2010-11).
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First Published: Mon, May 04 2009. 05 28 AM IST