Wind turbine maker Suzlon Energy has signed an agreement with Portugal-based Martifer which will increase Suzlon’s stake in REpower Sytems to around 90 per cent. The purchase of 22.48 per cent stake will cost Suzlon 270 million euros ($ 396 million or Rs 1,740 crore).

“The completion of the agreement will take Suzlon’s stake in REpower to about 90 per cent and put both companies in a stronger position to derive synergy benefits from the collaboration,” Suzlon CMD Tulsi Tanti said.

Suzlon had made its initial tender offer for shares of REpower supported by Martifer in February 2007. Suzlon concluded its offer with an agreement with Areva to acquire the company's stake in REpower in a phased manner. In May last year Suzlon won a 1.35-billion-euro bid to acquire 33.85 per cent stake in REpower, Germany's biggest wind turbine maker. In June this year, Suzlon acquired a further 30 per cent stake of REpower from France-based Areva, taking its total holding to around 66 per cent.