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Sterling and Wilson Solar Ltd (SWSL) has received approval from non-promoter shareholders, including retail shareholders, to bid for projects jointly with other group firms.
The company got approval for Related Party Transactions (RPT) wherein promoter shareholders were not entitled to vote, at its annual general meeting (AGM) held on September 30. SWSL’s non-promoter shareholders approved the resolution with majority votes.
Following the approvals, SWSL – in case of not having pre-qualification for the tender – can form a consortium together with Shapoorji Pallonji and Company Pvt Ltd (SPCPL) and other group firms to bid for the project.
SWSL, which had earlier bid for such contracts on arm’s length basis, had won and executed several such projects.
SPCPL, through various special purpose vehicles and group companies, develops solar parks in India and abroad as an Engineering, Procurement and Construction firm. These were developed for several hybrid energy projects.
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