Reliance New Energy Solar Limited, a wholly owned subsidiary of Reliance Industries Limited, announced it has agreed to acquire 40 per cent stake in Sterling & Wilson Solar Limited.
According to the company’s exchange filing, “Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of the Company, today executed definitive agreements with Shapoorji Pallonji and Company Private Limited (SPCPL), Mr. Khurshed Daruvala and Sterling & Wilson Solar Limited (SWSL) to acquire 40% stake in SWSL.”
Speaking about the transaction, Mukesh Ambani, Chairman of Reliance Industries, said, “We welcome SWSL as a strategic partner towards building our New Energy platform. SWSL, with its engineering talent, deep domain knowledge, global presence, and experience of executing some of the most complex projects globally, will become an important part of our solar value chain. This will enable us to deliver our comprehensive, end-to-end ecosystem leading to cost-efficient green energy for Indian consumers. We have great respect for Khurshed Daruvala and the world class institution that he has built over the years and look forward to collaborating in making SWSL a global EPC and O&M leader.”
Shapoor Mistry, Chairman of Shapoorji Pallonji & Co. Pvt. Ltd, said: “We are happy to welcome Reliance in Sterling and Wilson Solar Ltd. Through the decades, spanning three generations, the Shapoorji Pallonji group has helped Sterling and Wilson become a global leader in providing turnkey solutions in the energy value chain. SWSL is now well-poised to make a valuable contribution, as the world transitions to a low-carbon economy. I believe this partnership is beneficial to all stakeholders and will greatly contribute to making India a leading green energy powerhouse.”
Khurshed Daruvala, Chairman of SWSL said, “The history of Sterling and Wilson dates to the 1920s. We have come a long way since then and have always stayed true to our core values of delivering high quality engineering solutions to our customers. Along with the Shapoorji Pallonji Group we have made SWSL a global leader in providing turnkey solutions in the energy value chain. Reliance, with its integrated new energy vision, and a commitment to put India on the global green energy map, provides us a great opportunity to further establish SWSL as the leading EPC solutions provider globally. I am sure this partnership will give SWSL new energy and excitement, and we look forward to becoming part of creating history.”
Khurshed Daruvala will continue to be Chairman of the Board and lead the next phase of growth for SWSL.
AZB and K Law acted as legal advisors, Ernst and Young as the accounting and tax diligence advisor and Edelweiss as the financial advisor to Reliance. DAM Capital acted as financial advisor and Desai & Diwanji acted as legal advisor to SWSL and the selling shareholders.
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