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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.

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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.

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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.

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