Sterling and Wilson Renewable Energy’s (SWRE) Board has approved the allotment of 2.93 crore equity shares for Rs 1,099 crore to Reliance New Energy Solar. Post this transaction, Reliance New Energy Solar (RNESL), part of Reliance Industries, will hold 15.46 per cent paid-up equity share capital of SWRE.
Earlier in October this year, RNESL had executed definitive agreements with Shapoorji Pallonji and Company (SPCPL), Khurshed Daruvala, and Sterling & Wilson Solar (SWSL) to acquire 40 per cent stake post-money in SWSL through a series transactions. Sterling & Wilson Solar is now known as Sterling and Wilson Renewable Energy.
The company is engaged in the business of construction and maintenance of power plants. The company's products and services range include Contract activities and Operation Services.
