Competition watchdog okays Reliance's stake buy in SWREL

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.

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