RIL picks up 40% in SP group’s Sterling and Wilson Solar for Rs 1,100 cr
As part of deleveraging its stretched balance-sheet, the Shapoorji Pallonji Group is divesting its second key asset within a month by selling 40 per cent stake in Sterling & Wilson Solar, the solar EPC joint venture it runs with the Khurshed Yazdi Daruvala family, to Reliance Industries for Rs 1,100 crore through a multi-stage transaction.
While for the SP Group led by Shapoorji Pallonji Mistry, this is the second asset sale within a month after the Rs 4,400-crore deal for Eureka Forbes it had inked with the American private equity Advent International, for Reliance this is the second solar acquisition in the very same day.
Earlier in the day, RIL announced buying out the Norwegian solar panel maker REC Solar Holdings for USD 771-million from China National Bluestar Group Company.
