According to reports, Suzlon Energy, India’s biggest wind-turbine maker, is set to receive 115 million pounds ($178 million) by Oct. 11 from ZF Friedrichshafen AG for its stake in Hansen Transmissions International NV.
ZF, a German manufacturer of auto-parts and agricultural machinery, said that all conditions of its 444.7 million pound, or 66 pence a share, cash offer for Hansen have been satisfied and declared unconditional, according to a statement on its website.
Shareholders of Hansen, which makes gears for wind turbines, will be paid for their stakes on or before Oct. 11, it said. Suzlon’s AE-Rotor Holding BV unit holds 26.06% of Hansen.
Suzlon, controlled by billionaire Tulsi Tanti, needs funds to buy out minority stockholders that own 4.8% in its German unit, Repower Systems AG. The Indian company also needs cash for next year, when loan repayments start and $389 million in convertible bonds mature.
The Ahmedabad-based company got 224 million pounds in November 2009 by selling a 35% stake in Hansen.