Reliance Completes 40% Acquisition in EPC Company Sterling and Wilson Solar

Reliance New Energy Solar Limited (RNESL), the green energy arm of Reliance Industries, has completed the 40% stake acquisition in Sterling and Wilson Renewable Energy Limited (SWREL). Reliance acquired the stake through a primary investment, a secondary purchase, and an open offer.

On February 9, 2022, Reliance had purchased 19.66 million Sterling and Wilson Renewable Energy shares in an off-market deal.

Reliance acquired the shares at ₹375 (~$5.04) per share. This brings the value of the transaction to ₹7.37 billion (~$98.32 million). Reliance acquired 15.38 million shares from Shapoorji Pallonji and Company and 4.28 million from Khurshed Daruvala, both promoters of Sterling and Wilson Renewable Energy. This acquisition represents 10.37% of the paid-up equity share capital of Sterling and Wilson Renewable Energy.

Earlier, Reliance had acquired 8.47 million shares of Sterling and Wilson Renewable Energy at ₹375 (~$5.04) per share. This represents 4.47% of the paid-up equity share capital of Sterling and Wilson Renewable Energy.


Before that, Reliance had acquired 18.4 million shares of Sterling and Wilson Renewable Energy shares in an off-market deal. Reliance acquired the shares at ₹375 (~$5.04) per share. This acquisition represents 9.70% of the paid-up equity share capital of Sterling and Wilson Renewable Energy.

Reliance had acquired 29.3 million shares of Sterling and Wilson Renewable Energy at ₹375 (~$5.04) per share through a preferential allotment. This represents 15.46% of the post preferential issue paid-up equity share capital of Sterling and Wilson Renewable Energy.

In October 2021, Reliance had made an open offer for a 25.9% public shareholding in Sterling and Wilson Renewable Energy.

The acquisition will help Reliance access talent, engineering, project management, execution skills, and digital technology. This will also help Reliance implement giga-scale solar energy capacity in India and worldwide.

The stake acquisition in Sterling & Wilson Solar came after Reliance acquired REC Solar Holdings from China National Bluestar Group for $771 million.

Reliance New Energy Solar has invested €25 million (~$29 million) in a Germany-based solar wafer manufacturer, NexWafe GmbH. The company was a strategic lead investor for NexWafe’s €39 million (~$145 million) Series C financing round.

In June 2021, Mukesh Ambani announced that Reliance Industries would invest ₹750 billion (~$10 billion) to build an integrated solar PV factory, advanced energy storage battery manufacturing unit, green hydrogen, and fuel cell facility in Gujarat’s Jamnagar.