The Hindu Business Line : Suzlon's Martifer payment

Wind energy major Suzlon Energy Ltd has revised its payment schedule to Martifer Group of Portugal for completing the acquisition of a stake in REpower of Germany.

According to the revised payment schedule Martifer will receive the final instalment of about € 87.6 million on June 5. The penultimate instalment of € 87.6 million was paid by the company on Thursday, a communication from the company to the BSE notice said.

In the earlier schedule, Suzlon was to have paid final instalment of € 175 million by the end of this month.

The company currently owns 83.43 per cent in REpower and its shareholding will increase to 90.72 per cent after the final payment. Upon completion of the acquisition of Martifer stake Suzlon will have full management control of the company.

The Tanti family, promoters of Suzlon Energy Ltd, on Monday had reported the sale of about 60 million shares or about 4 per cent of the paid up share capital of Suzlon to part-finance the REpower acquisition.

— Our Bureau

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