Partnership with one of the largest EPC and O&M solutions providers globally
Will provide further thrust to achieving Reliance’s commitment to establish and enable up to 100 GW of solar energy in India by 2030, and become a global player in the renewable industry
Mumbai, October 10, 2021: Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (Reliance), today executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala and Sterling & Wilson Solar Ltd (SWSL) to acquire 40.0% stake post-money in SWSL through a series of the following transactions:
- Preferential allotment of 2.93 crore equity shares (equivalent to 15.46% post preferential share capital) at a price of Rs. 375.0 per share;
- Acquisition of 1.84 crore equity shares by RNESL from SPCPL (equivalent to 9.70% post preferential share capital) at a price of Rs. 375.0 per share;
- Public Announcement by RNESL to the public shareholders of SWSL to acquire up to
4.91 crore equity shares of SWSL, representing 25.9% in accordance with SEBI Takeover Regulations; and
- RNESL will hold 40.0% of the equity capital of SWSL, consequent to acquisition in the open offer, follow-on acquisition of shares from SPCPL and Khurshed Daruvala, and sell down, if any required.
With 11-plus GW of solar turnkey projects executed globally and more than 5 decades of engineering experience, SWSL is a leading and highly reputed international EPC and O&M service provider in the renewables sector. The company has a 3,000 strong team and presence across 24 countries, and it provides a comprehensive range of solar energy turnkey solutions including design, procurement, construction, project management and operations and management.
Reliance is committed to making India a global leader in green energy based on the latest and most cost-competitive technologies and development capabilities.
This partnership with SWSL will provide it access to world-class talent, engineering and project management skills and complement Reliance’s proven strengths in digital technology, engineering, and procurement and project execution – all key ingredients required to deliver high quality, cost-efficient and time-bound implementation of giga-scale green energy capacity, in India and across the world.
Mumbai, October 10, 2021: Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (Reliance), today executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala and Sterling & Wilson Solar Ltd (SWSL) to acquire 40.0% stake post-money in SWSL through a series of the following transactions:
- Preferential allotment of 2.93 crore equity shares (equivalent to 15.46% post preferential share capital) at a price of Rs. 375.0 per share;
- Acquisition of 1.84 crore equity shares by RNESL from SPCPL (equivalent to 9.70% post preferential share capital) at a price of Rs. 375.0 per share;
- Public Announcement by RNESL to the public shareholders of SWSL to acquire up to 4.91 crore equity shares of SWSL, representing 25.9% in accordance with SEBI Takeover Regulations; and
- RNESL will hold 40.0% of the equity capital of SWSL, consequent to acquisition in the open offer, follow-on acquisition of shares from SPCPL and Khurshed Daruvala, and sell down, if any required.
With 11-plus GW of solar turnkey projects executed globally and more than 5 decades of engineering experience, SWSL is a leading and highly reputed international EPC and O&M service provider in the renewables sector. The company has a 3,000 strong team and presence across 24 countries, and it provides a comprehensive range of solar energy turnkey solutions including design, procurement, construction, project management and operations and management.
Reliance is committed to making India a global leader in green energy based on the latest and most cost competitive technologies and development capabilities. This partnership with SWSL will provide it access to world-class talent, engineering and project management skills and complement Reliance’s proven strengths in digital technology, engineering, and procurement and project execution – all key ingredients required to deliver high quality, cost-efficient and time-bound implementation of giga-scale green energy capacity, in India and across the world.
