Reliance New Energy holds 29.6% in Sterling & Wilson Renewable
Solar panels. Featured Image: Jackiso/Shutterstock.com
Reliance New Energy Ltd (RNEL), part of Indian conglomerate Reliance Industries Ltd (BOM:500325), has wrapped up the acquisition of a 29.63% of the paid-up equity capital of compatriot Sterling & Wilson Renewable Energy Ltd (BOM:542760), or SWREL.
The deal is part of an agreement from October when Reliance committed to buying 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.
According to a bourse filing, RNEL has purchased 8.48 million equity shares of the target at a price of INR 375 (USD 5/EUR 4.5) apiece.
SWREL 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.
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.