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Shapoorji Pallonji Group plans USD-649m IPO for solar EPC arm - report

Solar panels by iamme ubeyou.

June 7 (Renewables Now) - Indian business conglomerate Shapoorji Pallonji Group plans to list its solar power engineering, procurement and construction (EPC) business by the third quarter of fiscal year 2019/20, the Economic Times (ET) reports, quoting an official.

The INR 45 billion (USD 649m/EUR 576m) initial public offering (IPO) being considered for Sterling & Wilson Solar will be an offer for sale by the company’s promoters and chairman, Khurshed Daruvala. The latter told the ET that the promoters will use the proceeds to capitalise the parent and make it a zero-debt company.

The IPO is one of the options through which Shapoorji Pallonji Group could unlock value and deleverage its balance sheet, the report adds.

The total order book of Sterling & Wilson Solar amounted to INR 65.1 billion as at December 31, 2018.

(INR 10 = USD 0.144/EUR 0.128)

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