New Delhi: Reliance Industries said on Thursday it has completed the planned acquisition of a 40% equity stake in Sterling and Wilson Renewable Energy (SWREL).
RIL’s subsidiary Reliance New Energy (RNEL) acquired 10.37% of SWERL on Wednesday at a price of 375 per share amounting to 737.5 crore from Shapoorji Pallonji and Company Pvt Ltd and Khurshed Daruvala, both promoters of SWREL, as per the stock exchange filing. This was the last tranche of the transaction, culminating in a 40% stake for RIL in SWERL.
RIL had announced in October 2021, its plan to acquire a stake in SWERL through a combination of primary investment, secondary purchase and open offer.
Shares in SWERL, formerly known as Sterling and Wilson Solar, ended 0.75% lower on the BSE at 371.85 on Thursday when the benchmark Sensex closed up 0.79%. The company’s shares have lost 15% in three months.
SWERL has five decades of engineering experience and is among the world’s biggest EPC contractors to solar farms. The company faced deep financial troubles, which required it to get an external investor.
The acquisition of SWERL will give RIL access to a wide range of competencies in design, procurement, and project management with respect to renewable energy. RIL has been on a buying spree recently to build its new energy empire.
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