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| Suzlon Energy completes REpower buy |
| BS Reporter / Mumbai Jun 07, 2009, 00:00 IST |
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Suzlon Energy, the world’s fifth-largest wind turbine maker, today said it has completed the acquisition of Portugal-based Martifer Group’s stake in its German subsidiary, REpower Systems.
The company has made the final payment of ¤87.6 million (about Rs 575 crore) to Martifer for its 24 per cent stake. Suzlon now owns 90.72 per cent of REpower.
“This is a major milestone for Suzlon. With the transaction behind us, we will focus our efforts on building a mutually beneficial business relationship with Martifer by harnessing the complimentary strengths and business models,” Suzlon Chairman and Managing Director Tulsi Tanti said.
Tanti and his family, the promoters of Suzlon, had recently sold 4 per cent of their stake in the company for about Rs 569 crore to fund the purchase of Martifer’s stake in REpower. In May, they had sold 2 per cent to raise about $47 million (over Rs 220 crore).
In January, cash-starved Suzlon, which is also facing quality issues with some of its rotor blades, had sold 10 per cent stake in its Belgian based subsidiary, Hansen Transmission, to London-based specialised investment firm Ecofin for about Rs 600 crore to acquire REpower shares.
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