InvestorQ : Is it true that Reliance is taking over a solar power company from the Shapoorji Pallonji group?
diksha shah made post

Is it true that Reliance is taking over a solar power company from the Shapoorji Pallonji group?

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Ria Jain answered.
2 months ago
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Reliance Industries is going aggressive on its solar foray and has announced the acquisition of 40% stake in Sterling & Wilson Solar or SWSL for Rs.2,850 crore. Interestingly, SWSL is owned by the Shapoorji Pallonji group, which had gotten into a huge liquidity crunch after their business fallout with the Tata Group. It now looks like the SP group is leaning a lot more towards the Reliance for its business support in the Indian context.

The deal will be executed by Reliance New Energy via preferential issue and open offer. It had recently also done a deal with REC. This deal will help Reliance to make inroads into the Middle East markets, where SWSL is very strong. SWSL is an important lateral property for Reliance New Energy as it has over 11 GW solar turnkey projects executed across 24 countries. SWSL also provides a comprehensive range of solar energy turnkey solutions.

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