Sterling Wilson Solar's promoters mull options to pay back loans - report

A Sterling and Wilson solar park. (Photo: Business Wire)

November 22 (Renewables Now) - Shapoorji Pallonji Group, the promoter of Sterling and Wilson Solar Ltd (BOM:542760), is considering a couple of transactions, the proceeds of which will go to pay back inter-company loans to the solar engineering firm, a media report says.

The group is mulling over the possibility of listing Mumbai-based consumer goods company Eureka Forbes Ltd or offloading a stake in engineering firm Forbes & Company Ltd, according to sources cited by the Indo-Asian News Service (IANS).

At present, Shapoorji Pallonji Group holds a 77.22% stake in Sterling Wilson Solar and owes the company about INR 23.4 billion (USD 326m/EUR 295m), including interest of INR 2.56 billion.

The report says that the promoters have been unable to repay the solar firm due to the deteriorating credit market and lower than expected proceeds from its initial public offering (IPO).

(INR 1.0 = USD 0.139/EUR 0.126)

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