New Delhi, Nov 17: The world's third-largest maker of wind turbines, Suzlon Energy on Monday, Nov 17 said it will stick to its original schedule for buying the Martifier's stake in its German unit RePower by May, 2009, through combination of internal accruals and debt.
Chairman and Managing Director Tulsi R said to media, ''The original schedule was for May (2009). We had accelerated it to December this year. And now we are going with the original schedule.'' He was speaking on the sidelines on India Economic Summit, jointly organised by the Geneva-based World Economic Forum and the CII. The India Economic Summit began on a note amid growing fears of recessionary trends. Nearly 700 participants from over 30 countries are participating in the Summit.
Suzlon, the country's biggest maker of wind-turbine generators, last month suspended an Rs 1,800 crore (360 million dollars) rights share issue due to falling markets. The proceeds of which it had planned to use partly to fund the stake buy.
Mr Tanti said, ''the company will fund the acquisition of stake of Martifier from its internal accruals and debt as well.'' Commenting on the impact of the global slowdown on the sector, Mr Tanti said, ''the global credit crisis has slowed orders for turbines.'' As of today, the company has an order book of Rs 15,000 crore (2,500 MW).
He, however, expects orders to increase from January next.