Suzlon to buy Martifer's stake in REpower for E270 m

MUMBAI: Wind turbine maker Suzlon Energy today said it has signed an agreement with Portugal-based Martifer for acquisition of the latter's entire stake in REpower Sytems for Euro 270 million.

Martifer has a 22.48 per cent stake in REpower. With this acquisition, Suzlon's total holding in REpower would go upto 90 per cent, it said in a statement.

"The completion of the agreement will take Suzlon's stake in REpower to about 90 per cent and put both companies in a stronger position to derive synergy benefits from the collaboration," Suzlon CMD Tulsi Tanti said.

In June, Suzlon acquired 30 per cent stake of REpower from France-based Areva, taking its total holding to 66 per cent.

REpower is Germany's biggest wind turbine maker.