Reliance Completes Acquisition of 40% Stake in Sterling & Wilson Solar

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Reliance Industries Limited (RIL) has completed the acquisition of 40 per cent stake of Shapoorji Pallonji (SP) Group in Sterling & Wilson Renewable Energy Limited (SWREL) for Rs 2,845 crore.

Reliance said its subsidiary RNEL bought 1.96 Cr shares or 10.37 per cent stake of SWREL. This was the last tranche of the transaction, culminating in a 40 per cent stake for RIL in SWERL, it said.

The acquisitions were to help the oil-to-retail conglomerate create a multi-billion-dollar clean energy portfolio.

Reliance had in October 2021 announced two back-to-back acquisitions a USD 771mn buyout of Norway-based solar panel manufacturer REC Solar Holdings and purchase of a 40% stake in solar Engineering, Procurement, Construction (EPC) firm SWREL, formerly known as Sterling and Wilson Solar Limited, in a multi-stage transaction for about Rs2,845cr.