Reliance Industries Ltd’s renewable energy arm on Thursday acquired an additional 10.37 per cent stake in Sterling & Wilson Renewable Energy (SWREL).
RILs subsidiary Reliance New Energy (RNEL) bought the additional stake for a consideration of Rs 738 crore from its promoters, it informed the exchanges.
The oil-to-telecommunication behemoth announced that the acquisition was made on February 9, 2022, by way of off-market purchase with an aggregate of 1.96 crore equity shares of face value of Rs 1 each of SWREL at a price of Rs 375 per equity share from Shapoorji Pallonji and Company Private Limited (1.53 crore equity shares of SWREL) and Khurshed Daruvala (42.86 lakh equity shares of SWREL) who are also promoters of SWREL.
RNEL had earlier announced plans to acquire a 40 per cent stake in Sterling & Wilson Solar Ltd (SWSL) to provide it access to world-class talent, engineering and project management skills to deliver “high quality, cost-efficient and time-bound implementation of giga-scale green energy capacity.”
RIL has been on a buying spree in the renewable energy space in the recent past with investments in Faradion (UK-based sodium-ion battery company), REC Solar and NexWafe.
Recently it also signed an MoU with the Gujarat government to invest Rs 5.95 lakh crore to set up 100 GW renewable energy power plant and green hydrogen ecosystem development.
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