Suzlon buys Martifer Group's stake in REpower

New Delhi: Suzlon Energy has acquired the first tranche of Martifer Group's stake in REpower Systems AG, Germany for approximately Euro 65 million. The transaction takes Suzlon's holding in REpower to 73.71 per cent.

Suzlon already holds 91% voting rights in REpower through an existing agreement with Martifer.

Earlier this month, Suzlon and the Martifer Group entered into an agreement on a revised payment schedule for Martifer's 22.4 per cent stake in REpower.

As per the new terms, Suzlon acquires the stake in three tranches by payment of Euro 65 million in December 2008, Euro 30 million in April 2009, and the final tranche of Euro 175 million in May 2009, which will take Suzlon's ownership level to approximately 91 per cent in REpower.