Reliance joins promoter club of India's Sterling & Wilson Renewable

Solar modules. Featured Image: Jackiso/Shutterstock.com

January 4 (Renewables Now) - Indian conglomerate Reliance Industries Ltd (BOM:500325) has become one of the promoters of Sterling & Wilson Renewable Energy Ltd (BOM:542760), or SWREL, after building a stake of over 40% in the target, together with group entities.

The buying party includes Reliance New Energy Solar Limited as the acquirer, as well as Reliance Industries and Reliance Ventures Limited. It said in a bourse filing on Monday that it paid INR 15.83 billion (USD 212.3m/EUR 188.1m), representing the balance of a previously agreed payment, to get a 25.9% interest in SWREL. A few days earlier, the target approved an allotment of 29.3 million shares equity shares to give Reliance a stake of 15.46% in the company.

In October, Reliance agreed to buy a 40% stake in SWREL, then called Sterling & Wilson Solar Ltd, in a series of transactions, including the preferential allotment of shares, an acquisition from promoters Shapoorji Pallonji and Co Pvt Ltd (SPCPL) and an open offer.

Sterling and Wilson Renewable is focused on delivering engineering, procurement and construction (EPC) and operations and maintenance (O&M) services to the solar industry. So far, the firm has executed more than 11 GW of projects globally. It operates in 24 countries.

(INR 10 = USD 0.134/EUR 0.119)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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