Weekly renewables M&A round-up (May 23-27)
May 27, 2022 17:26 CESTCompetition 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.
More stories to explore
Duke Energy equips Hawaii university with solar and storage
May 27, 2022 17:17 CEST
US stays atop EY renewables attractiveness index, Spain heads PPA chart
May 27, 2022 16:32 CEST
Savannah Energy to develop up to 500 MW of renewables in Chad
May 27, 2022 16:08 CEST
Celsia building 260 MW of solar farms in Colombia
May 27, 2022 15:51 CEST
Agrana, RWA equip Austrian fruit juice concentrate plant with solar modules
May 27, 2022 15:36 CESTShare this story
Tags
About the author
