Wind turbine manufacturer Suzlon Energy Ltd. has announced its intention to seek a domination and profit and loss transfer agreement between its German subsidiary SE Drive Technik GmbH and REpower Systems AG.
Suzlon presently holds approximately 66% of shares in REpower and has signed an agreement with Martifer SGPS SA of Portugal for acquisition of Martifer's total stake in REpower, which will take Suzlon's holding in the company to approximately 90%.
‘The domination and profit and loss transfer agreement follows naturally after our position as the largest shareholder in REpower, and will allow both companies to benefit from even greater synergies,’ says Tulsi Tanti, chairman and managing director of Suzlon. ‘We believe this will allow us to unlock great value and benefit both companies in the long term.’
SOURCE: Suzlon Energy Ltd.