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06/11/2008 12:04 PM
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Suzlon Takes Majority Stake in REpower
SustainableBusiness.com News
India-based Suzlon Energy Ltd., a leading wind turbine manufacturer, now has a 66% stake in REpower Systems AG of Germany, a wind turbine manufacturer known for its very large turbines.
In addition to its previous equity holding, Suzlon acquired Areva's stake of approximately 30% in REpower. Suzlon also enjoys voting rights of 89% through its voting pool agreement with Martifer of Portugal, the other major shareholder in Repower, subject to certain minority protection and other rights.
"This is an important step forward, clearly demonstrating our unchanged long-term commitment towards REpower," says Tulsi Tanti, chairman and managing director of Suzlon.
Areva issued a statement saying it sold its minority stake in REpower for more than €350 million.
In May 2007, Suzlon Energy entered into an agreement for the option of buying Areva's share at its discretion for a guaranteed price.
