Suzlon, Martifer agree on revised payment schedule for REpower stake
As per the new terms, Suzlon will pay Martifer approximately E65 million in December 2008, E30 million in April, 2009, and the final tranche of E175 million in May 2009. Upon completion of this transaction, Suzlon will reach ownership level of approximately 91% in REpower. Tulsi Tanti, chairman and managing director of Suzlon Energy, said: "We have achieved a mutually satisfactory arrangement with our long standing partners. We have built a strong relationship with the Martifer Group and expect to strengthen our business relationship further in the years to come."