Suzlon Energy raises stake in Repower to 73.71%; pays Euro 65 million

Suzlon Energy Limited (SEL), a leading manufacturer of Wind Turbine Generator (WTG) and the sixth largest company worldwide, has announced the acquisition of the first tranche of Martifer Groups stake in REpower for _65 million.

The latest deal will take Suzlon's holding in REpower to 73.71 per cent.

It may be noted that Suzlon and the Martifer Group earlier this month enrolled into an agreement on a revised payment schedule for Martifer's 22.4 percent stake in REpower.

In addition, under the arrangement, Suzlon will pay Martifer approximately Euro 65 million in December 2008, Euro 30 million in April 2009 and the final tranche of Euro 175 million in May 2009.

The above mentioned transactions will take Suzlon's ownership level to approximately 91 per cent in REpower.

The stock of Suzlon Energy closed today at Rs 60 on BSE.