Reliance Industries in a communication to stock exchanges today said that its subsidiary Reliance New Energy (RNEL) has bought acquires an additional 10.37% stake in Sterling & Wilson Renewable Energy (SWREL) for ₹738 crore from its promoters. After the acquisition, RNEL holds 40.00% of the total paid-up equity share capital of SWREL.
“We further wish to inform you that RNEL has on February 9， 2022， acquired， by way of off-market purchase,an aggregate of 19667750 equity shares of face value of INR 1/- each representing 10.37% of the paid-up equity share capital of SWREL at a price of INR 375/- per equity share amounting to INR 7375406250 from Shapoorji Pallonji and Company (15380904 equity shares of
SWREL) and Mr. Khurshed Daruvala (4286846 equity shares of SWREL) who are also promoters of SWREL," RIL stated in a statement to stock exchanges.
In October, Reliance Industries had announced that RNEL, earlier known as Reliance New Energy Solar, will acquire 40% stake in Sterling & Wilson Solar through a combination of primary investment, secondary purchase and open offer. Sterling & Wilson Renewable Energy was formerly know as Sterling and Wilson Solar Limited.
As billionaire Mukesh Ambani’s conglomerate accelerates its push into renewable energy, Reliance New Energy Solar had in December signed definitive agreements to acquire UK-based sodium-ion battery technology company Faradion for an enterprise value of 100 million pounds.
Reliance will use this technology at its proposed energy storage giga-factory in Jamnagar where it operates the world’s largest refining complex. Ambani plans to build four giga-factories for making electrolyzers for producing green hydrogen, solar modules, fuel cells and storage batteries.
Reliance has committed to invest $10 billion in sustainable energy initiatives over three years.
At 9:45 am, Sterling and Wilson Renewable Energy shares were trading 0.7% higher at ₹377 while Reliance Industries was down 0.4%, as compared to a flat Mumbai market.
