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Suzlon agrees revised deal with Martifer
1 January 2009
India's Suzlon has agreed a new deal to pay Portuguese construction firm Martifer for its 22.4% stake in German wind turbine maker Repower. Under a revised payment plan, Suzlon is paying the EUR 270 million owed in three instalments: EUR 65 million was due last month, EUR 30 million in April and EUR 175 million in May. Upon completion, Suzlon will own about 91% of Repower. "This agreement reflects the commitment of both organisations to achieve a stronger relationship that will bring benefits for both in time of turbulence," says Martifer's Jorge Martins. As recently as September, Suzlon said it would pay Martifer in full in December. But with the credit crunch taking hold and Suzlon's share price depreciating, the company was forced to abandon that plan. Commenting on the new arrangement, Suzlon's Tulsi Tanti says: "We have built a strong relationship with the Martifer Group and expect to strengthen our business relationship further." He adds: "Our commitment to facilitate further growth in Repower and to safeguard the interests of all stakeholders in the company remains as strong as ever."
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