Saturday, June 6, 2009

Suzlon raises stake in Germany's REpower

Wind turbine maker Suzlon Energy has raised its stake in Germany-based REpower Systems AG to 90.72 percent by acquiring Martifer Group's 14.4 percent stake in the company, it was announced here Saturday.

Suzlon acquired Portugal-based Martifer's stake with a final payment of 87.6 million euros ($122.3 million), the company said in a statement.

The buyout of Martifer's stake in REpower by Suzlon was agreed in February 2007.

Suzlon had paid 65 million euros ($90.7 million) as the first tranche in December last year, hiking its stake in REpower to 73.1 percent.

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