Renewables company Sterling defaults on loan dues

Mumbai: Sterling & Wilson Renewable Energy has missed out on a loan repayment due in September, triggering a downgrade to default by India Ratings. Shares of the company fell 5% on Wednesday. The company’s earlier promoters – the Shapoorji Pallonji group – sold their stake in the company to Mukesh Ambani’s Reliance, which is now the largest shareholder with a 40% stake through Reliance New Energy.

Sterling & Wilson had a scheduled repayment of Rs 426 crore in September, of which Rs 217 crore was not paid on the due date because of insufficient liquidity.