Sterling and Wilson Solar Limited (SWSL), a solar engineering, procurement and construction (EPC) company, has announced that it has received ₹5 billion (~$66.8 million) towards the outstanding loans from its parent company, Sterling and Wilson Private Limited (SWPL) and its subsidiary Sterling and Wilson International FZE (SW FZE).
The funding was facilitated by Shapoorji Pallonji and Company Private Limited and Khurshed Daruvala, as per the revised schedule of repayment approved by the board of directors of Sterling and Wilson Solar.
The filing added that proceeds were used to bring down their external borrowings, adding that ₹10 billion (~$133.5 million) has already been paid towards these dues from the date of listing of the company until December 31, 2019. It noted that with this repayment, total dues cleared stood at about ₹15 billion (~$200.3 million), inclusive of the principal and interest.
“When we announced our nine months’ results in February 2020, we were one of the first few companies to have felt the impact of COVID-19 pandemic, as the dispatches from China for the solar PV panels and other equipment related to solar projects had been impacted,” said Bikesh Ogra, Director and Global CEO at Sterling and Wilson.
“Even under those circumstances, we had guided that the last quarter will be our best quarter for FY 20, both in terms of revenue as well as profits, which we are confident of achieving,” he added.
Recently, Sterling and Wilson released its consolidated and standalone financial results for the third quarter (Q3) and nine months ended on December 31, 2019.
Earlier, Sterling and Wilson Solar Limited paid ₹10 billion in dues (~$133.5 million) of its outstanding loan. The company finalized the repayment schedule based on the recommendations of the audit committee, the board of directors, in a meeting held on December 31, 2019.
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Image credit: Sterling and Wilson
Nithin is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor’s Degree in Commerce from Loyola College, Chennai.