Competition watchdog okays Reliance's stake buy in SWREL

A Sterling and Wilson solar park. (Photo: Business Wire)

December 17 (Renewables Now) - The Competition Commission of India (CCI) has given the green light to a unit of Indian conglomerate Reliance Industries Ltd (BOM:500325) in relation to its plan to acquire a 40% stake in Sterling & Wilson Renewable Energy Ltd (BOM:542760), or SWREL.

In October, the Indian group, through Reliance New Energy Solar Limited (RNESL), agreed to buy the aforementioned minority stake in the target company, then called Sterling & Wilson Solar Ltd, in a series of transactions, including a preferential allotment of shares, an acquisition from promoters Shapoorji Pallonji and Co Pvt Ltd (SPCPL) and an open offer.

The regulator noted on Wednesday that the suitor could secure a stake of up to 51.07% in Sterling & Wilson Renewable Energy if it achieves full acceptance of the open offer.

Sterling & Wilson Renewable Energy operates as a pure-play, end-to-end solar engineering, procurement and construction (EPC) business in India and more than 25 countries around the world. It changed its name to the current one in mid-November 2021.

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\