Mukesh d amb, Indian businessman

Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (Reliance) on Sunday executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala and Sterling and Wilson Solar Limited(SWSL) to acquire 40.0 per cent stake in Sterling and Wilson Solar Ltd (SWSL) through a series of transactions.Reliance is committed to making India a global leader in green energy based on the latest and most cost-competitive technologies and development capabilities.With 11-plus GW of solar turnkey projects executed globally and more than five 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.The series of transactions include, 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; 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; 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 RNESL will hold 40.0 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.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-the-art giga factories in Jamnagar, Gujarat, the partnership offers the fully integrated products with unrivaled engineering capabilities.Speaking about the transaction, Mukesh Ambani, Chairman of Reliance Industries, said, "We welcome SWSL as a strategic partner towards building our New Energy platform. SWSL, with its engineering talent, deep domain knowledge, global presence, and experience of executing some of the most complex projects globally, will become an important part of our solar value chain. This will enable us to deliver our comprehensive, end-to-end ecosystem leading to cost-efficient green energy for Indian consumers. We have great respect for Khurshed Daruvala and the world-class institution that he has built over the years and look forward to collaborating in making SWSL a global EPC and O&M leader."Shapoor Mistry, Chairman of Shapoorji Pallonji and Co. Pvt. Limited, said: "We are happy to welcome Reliance in Sterling and Wilson Solar Limited. Through the decades, spanning three generations, the Shapoorji Pallonji group has helped Sterling and Wilson become a global leader in providing turnkey solutions in the energy value chain. SWSL is now well-poised to make a valuable contribution, as the world transitions to a low-carbon economy. I believe this partnership is beneficial to all stakeholders and will greatly contribute to making India a leading green energy powerhouse."Khurshed Daruvala, Chairman of SWSL said, "The history of Sterling and Wilson dates to the 1920s. We have come a long way since then and have always stayed true to our core values of delivering high-quality engineering solutions to our customers. Along with the Shapoorji Pallonji Group we have made SWSL a global leader in providing turnkey solutions in the energy value chain. Reliance, with its integrated new energy vision, and a commitment to put India on the global green energy map, provides us a great opportunity to further establish SWSL as the leading EPC solutions provider globally. I am sure this partnership will give SWSL new energy and excitement, and we look forward to becoming part of creating history."Khurshed Daruvala will continue to be Chairman of the Board and lead the next phase of growth for SWSL, the official statement said.AZB and K Law acted as legal advisors, Ernst and Young as the accounting and tax diligence advisor and Edelweiss as the financial advisor to Reliance. DAM Capital acted as financial advisor and Desai & Diwanji acted as legal advisor to SWSL and the selling shareholders. The transaction is subject to customary regulatory and other approvals and closing conditions.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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