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Reliance New Energy Solar To Acquire 40% Of Sterling & Wilson Solar, Second Big Deal In A Day

Reliance New Energy Solar Ltd (RNESL), a unit of Reliance Industries Ltd (RIL), on Sunday said it will acquire 40 per cent stake in Sterling and Wilson Solar Ltd (SWSL). This transaction is another step towards Reliance Industries’ mega new green energy initiative to put India as a clean energy manufacturing hub on the global map. Earlier in the day, Reliance Industries acquired Norway-headquartered solar module maker REC Solar Holdings for an enterprise value of US$ 771 million (around Rs 5,800 crore) from China National Bluestar.

Speaking about the acquisition, Reliance Industries chairman and managing director Mukesh Ambani said, “We welcome SWSL as a strategic partner towards building our New Energy platform. SWSL, with its engineering talent, deep domain knowledge, global presence, and experience of executing some of the most complex projects globally, will become an important part of our solar value chain. This will enable us to deliver our comprehensive, end-to-end ecosystem leading to cost-efficient green energy for Indian consumers.”

Reliance Industries will acquire 40 per cent stake in Sterling and Wilson Solar through a series of primary investment, secondary purchase and open offer, the oil-to-telecom conglomerate said in a statement. With 11-plus GW of solar turnkey projects executed globally and more than five decades of engineering experience, SWSL is a leading and highly reputed international EPC and O&M service provider in the renewables sector.

Shapoor Mistry, Chairman of Shapoorji Pallonji & Co. Pvt. Ltd, said: “We are happy to welcome Reliance in Sterling and Wilson Solar Ltd. Through the decades, spanning three generations, the Shapoorji Pallonji group has helped Sterling and Wilson become a global leader in providing turnkey solutions in the energy value chain. SWSL is now well-poised to make a valuable contribution, as the world transitions to a low-carbon economy. I believe this partnership is beneficial to all stakeholders and will greatly contribute to making India a leading green energy powerhouse.”

“Reliance, with its integrated new energy vision, and a commitment to put India on the global green energy map, provides us a great opportunity to further establish SWSL as the leading EPC solutions provider globally. I am sure this partnership will give SWSL new energy and excitement, and we look forward to becoming part of creating history,” said Khurshed Daruvala, Chairman of SWSL, who will continue in the role.

Reliance said the partnership with SWSL will provide it access to world-class talent, engineering and project management skills and complement Reliance’s proven strengths in digital technology, engineering, and procurement and project execution – all key ingredients required to deliver high quality, cost efficient and time-bound implementation of giga-scale green energy capacity, in India and across the world. “Combined with Reliance’s announced plans to set up four state of art giga factories in Jamnagar, Gujarat, the partnership offers fully integrated product with unrivaled engineering capabilities,” said the conglomerate.

Disclaimer:Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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