ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Business deals

Reliance Industries agrees to buy up to 40% of Sterling and Wilson Solar

Second announcement of the day on solar energy investment

The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019.    © Reuters

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. 

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends October 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to Nikkei Asia has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more