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Mumbai, Sept. 4 Suzlon Energy Ltd announced on Tuesday that it seeks a domination and profit and loss transfer agreement between its German subsidiary SE Drive Technik GmbH and REpower Systems AG, according to a press release issued by the company.

Suzlon presently holds approximately 66 per cent 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 per cent.

Mr Tulsi Tanti, Chairman and Managing Director, Suzlon Energy Ltd, said “We have informed the REpower management of our intention to seek a domination and profit and loss transfer agreement, the process now will follow due course under German law” he said.

“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. We believe this will allow us to unlock great value and benefit both companies in the long term,” Mr Tanti added.

Suzlon earlier signed an agreement with Martifer for acquisition of Martifer’s total stake, approximately 22.48 per cent in REpower for a total consideration of €270 million. This agreement is slated to be completed by December 15, and will consolidate Suzlon’s total holding in REpower to approximately 90 per cent.

More Stories on : Mergers & Acquisitions | Non-conventional Energy | Suzlon Energy Ltd

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