Reliance New Energy Solar Limited executed definitive agreement to acquire 9.7% stake in Sterling and Wilson Renewable Energy Limited (NSEI:SWSOLAR) Shapoorji Pallonji And Company Private Limited (CMG) for INR 6.9 billion on October 10, 2021. In related transactions Reliance New Energy Solar Limited made an offer to acquire 25.9% stake in Sterling and Wilson Solar Limited (NSEI:SWSOLAR) for INR 18.4 billion and Reliance New Energy Solar Limited entered into a subscription agreement for issuance and allotment of 29.3 million shares at a price of INR 375.00 per share. Khurshed Daruvala will continue to be Chairman of the Board and lead the next phase of growth for Sterling and Wilson. AZB and K Law acted as legal advisors, Ernst and Young as the accounting and tax diligence advisor and Edelweiss as the financial advisor to Reliance. DAM Capital acted as financial advisor and Desai & Diwanji acted as legal advisor to Sterling and Wilson and the selling shareholders.

Reliance New Energy Solar Limited completed the acquisition of additional 9.7% stake in Sterling and Wilson Renewable Energy Limited (NSEI:SWSOLAR) Shapoorji Pallonji And Company Private Limited (CMG) on January 6, 2022.