Reliance New Energy Solar to acquire 40 per cent stake in Sterling & Wilson Solar

Partnership with one of the largest EPC and O&M solutions providers globally

Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd , executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala and Sterling & Wilson Solar Ltd (SWSL) to acquire 40 per cent stake post-money in SWSL.

This stake will be acquired through a series of the following transactions:

a) Preferential allotment of 2.93 crore equity shares (equivalent to 15.46 per cent post preferential share capital) at a price of Rs. 375.0 per share;

b) Acquisition of 1.84 crore equity shares by RNESL from SPCPL (equivalent to 9.70 per cent post preferential share capital) at a price of Rs. 375.0 per share;

c) Public Announcement by RNESL to the public shareholders of SWSL to acquire up to 4.91 crore equity shares of SWSL, representing 25.9 per cent in accordance with SEBI Takeover Regulations; and

d) RNESL will hold 40 per cent 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.

Combined with Reliance’s announced plans to set up four state of art giga factories in Jamnagar, Gujarat, the partnership offers fully integrated product with unrivaled engineering capabilities.  This partnership 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.

Reliance Industries Limited is a Fortune 500 company and the largest private sector corporation in India. Reliance’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.