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Reliance’s subsidiary Reliance New Energy Solar Limited has received approval from the Competition Commission of India (CCI) to acquire Sterling & Wilson Renewable Energy Limited on Wednesday.
According to the combination notice filed with the regulator, Reliance New Energy plans to acquire 40 per cent of the voting equity share capital in the solar arm of Sterling & Wilson.
However, if Reliance’s open offer is fully accepted, Reliance’s subsidiary could hold up to 51.07 per cent stake in Sterling & Wilson Renewable Energy under this acquisition.
The Solar EPC Division of Sterling and Wilson Private Limited, Sterling and Wilson Solar Limited commenced operations in 2011 and was subsequently demerged in 2017. This division was formed to tap into the growing renewable energy market. They are now the leading solar EPC solutions provider in the world, with a presence across 24 countries.
In India, Sterling & Wilson Renewable Energy is involved in activities such as solar engineering, procurement and construction solutions, and operation and maintenance services.
An impressive portfolio of 258 solar power projects with an aggregate capacity of 11.6 GWp across geographies has positioned Sterling and Wilson Renewable Energy Limited (formerly known as Sterling and Wilson Solar Limited) as the leading solar EPC solutions provider in the world.
Information in regards to the acquisition has also been sent by the company to the capital market regulator. In a tweet made by the regulator regarding this, it has been informed that the commission has approved Reliance New Energy Solar to acquire Sterling & Wilson Renewable Energy.