CCI sanctions RIL's acquisition of 40% stake in SWREL

22 Dec 2021 CW Team

The Competition Commission of India (CCI) has approved Reliance New Energy Solar Ltd's purchase of Sterling and Wilson Renewable Energy Ltd's shares. Reliance New Energy is seeking to acquire 40% of the total voting equity share capital, according to a combination notice filed with the regulator.

If the open offer is fully accepted, the acquisition can go up to 51.07% of Sterling and Wilson Renewable Energy's equity share capital.

According to the regulator's tweet, the commission has approved Reliance New Energy Solar Limited's acquisition of Sterling and Wilson Renewable Energy Limited's shareholding.

Sterling and Wilson Renewable Energy offers solar engineering, procurement and construction solutions, as well as operation and maintenance services in India.

Sterling and Wilson Renewable Energy Limited (SWREL), a subsidiary of the Shapoorji Pallonji group, is a global pure-play renewable Engineering, Procurement, and Construction (EPC) solutions provider. With a total portfolio of 11.6 GWp, the company provides EPC services for utility-scale solar, floating solar, hybrid & energy storage, and waste-to-energy solutions including projects commissioned and under various stages of construction.

One of the world's largest single-location solar PV plants, a 1,177 MWp solar power project in Abu Dhabi, is part of this portfolio. SWREL oversees the Operations and Maintenance (O&M) of a 6.4 GWp solar power portfolio, which includes projects built by third parties. Sterling and Wilson Renewable Energy Limited is a global company with operations in India, Asia, the Middle East, Africa, Europe, the Americas, and Australia.

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