Comments
The Competition Commission of India (CCI) has approved the acquisition of shareholding in Sterling and Wilson Renewable Energy Limited (SWREL) by Reliance New Energy Solar Limited ( RNESL).
The proposed combination envisages acquisition of 40 per cent of the equity share capital of Sterling and Wilson Renewable Energy Limited (formally known as Sterling and Wilson Solar Limited) (SWREL) by RNESL.
However, acquisition can go up to 51.07 per cent of equity share capital of SWREL in the eventuality of full acceptance of the open offer, an official release said.
RNESL is wholly owned subsidiary of Reliance Industries Limited (RIL), which is the ultimate holding company for entities belonging to the RIL group (RIL Group).
RNESL is a newly incorporated entity and does not offer any products or services in India. RIL Group has presence in sectors such as hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
SWREL is claimed to be a global pure-play, end to end solar engineering, procurement and construction (EPC) solutions provider in India and over 25 countries globally. In India, SWREL is engaged in provision of solar EPC solutions and operation and maintenance services, including for projects constructed by third parties, the release added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.