NEW DELHI (Reuters) -- Indian conglomerate Reliance Industries has agreed to buy up to a 40% stake in Sterling and Wilson Solar through its unit Reliance New Energy Solar, the companies said in separate statements on Sunday.
Sterling and Wilson said on Sunday it had agreed to sell a 15.46% stake in the company to RNESL for 10.99 billion rupees ($146.3 million) by issuing new shares.
Reliance said Shapoorji Pallonji and Co., one of the promoters of Sterling and Wilson, will also sell 18.4 million shares, representing about 9.7% of the company's post preferential share capital, to RNESL at a price of 375 per share.
The Reliance group will make an open offer to acquire a further 25.9% stake in accordance with Indian market regulations, Reliance said.
