Wind turbine manufacturer Suzlon Energy today said it has revised the payment schedule to acquire 22.4 per cent stake in German REpower Systems AG.
"The company has revised payment schedule, which has been agreed by Portugal based Martifer' Group, for 22.4 per cent stake in REpower Systems AG," Suzlon Energy said in a filing to the Bombay Stock Exchange.
In September, Suzlon Energy had entered into an agreement with Martifer SGPS SA, whereby it had been agreed upon for exercise of an option for an early acquisition of Martifer's total stake of 22.48 per cent in REpower Systems AG, Germany for a total consideration of euro 270 million.
According to the new payment schedule, Suzlon would pay Martifer euro 65 million in December 2008, euro 30 million in April 2009 and final tranche of euro 175 million in May 2009, which makes the total consideration of euro 270 million.
Upon completion of this transaction, Suzlon will reach ownership level of 91 per cent in REpower, it added.
The Martifer Group is the holding company in Portugal engaged in metallic construction, energy equipment and electricity generation.
REpower Systems AG is one of the leading turbine producers in the German wind energy sector.