After announcing the $771 million acquisition of REC Solar from ChemChina, Reliance Industries is also buying Sterling and Wilson Solar NSE 9.81 % from its promoters, making a big splash towards its renewable energy foray, the company said on Sunday late evening.
Shapoorji Pallonji & Co. Pvt. Ltd (SPCPL) and Khurshed Yazdi Daruvala, promoter-shareholders of Sterling and Wilson Solar, cumulatively own 69.36 per cent of the company, with the public owning the rest. The promoters had raised Rs 2,850 crore from the public through an IPO in 2019, but subsequently failed to repay the loans of the company a year later, though it was promised in the prospectus. This created a future among shareholders who demanded an exit for their investments citing a breach of trust.
