Sterling Solar promoters repay Rs 1k cr

Mumbai: Sterling and Wilson Solar said on Tuesday that its promoters — Shapoorji Pallonji and Company (SPCL) and Khurshed Daruvala — have repaid Rs 1,000 crore they owed to the firm. December 31 was the deadline for the promoters to repay part of their dues to Sterling Solar, the world’s largest engineering contractor of solar farms. The promoters now have to clear a balance of Rs 1,644 crore, which they intend to settle in a staggered manner by September 30, 2020.
The Rs 1,000-crore was used to retire the company’s debt, Daruvala, chairman of Sterling and Wilson Solar told TOI.
Another Rs 408-crore cash, which was generated by the company in the last five months, was used for the same purpose, he added. Sterling Solar now has a debt of Rs 1,440 crore, Daruvala said. SPCL’s financial challenges came to the fore in November when it sought time to repay dues it owed to Sterling Solar. It then raised Rs 742 crore by selling 37 lakh shares of TCS in two tranches in the open market.