November 20 (Renewables Now) - Shapoorji Pallonji Group plans to sell up to 30% in its solar engineering, procurement and construction (EPC) business, currently part of Sterling and Wilson Pvt Ltd (S&W), including through an initial public offering (IPO), Bloomberg reports.
The Indian industrial conglomerate is aiming to raise some USD 1 billion (EUR 873m) through a pre-listing share sale followed by an IPO, the news agency said, citing Jai Mavani, executive director at Shapoorji Pallonji. He has said pre-IPO placements could be completed within six months.
The solar unit is expected to bring revenues of INR 95 billion (USD 1.33bn/EUR 1.16bn) in the current fiscal year through March 2019, Sterling & Wilson chairman Khurshed Daruvala was quoted as saying.
Sterling and Wilson's solar arm in mid-2017 won contracts to build and operate the 1,177-MWp Sweihan solar photovoltaic (PV) complex in Abu Dhabi, one of the biggest solar projects globally. In July 2018, Indian business daily Mint said Shapoorji Pallonji had held meetings with investment banks to discuss solar IPO plans, targeting a valuation of between UD 3.5 billion and USD 4 billion.
(INR 100 = USD 1.4/EUR 1.22)