Reliance Industries Ltd's wholly-owned subsidiary Reliance New Energy Solar Ltd (RNESL) on Sunday agreed to acquire up to 40% stake in Sterling & Wilson Solar (SWSL) for approximately a total payout of ₹2,845 crore. As part of deleveraging its stretched balance-sheet, the Shapoorji Pallonji Group is divesting its second key asset within a month via a multi-stage transaction. After all this, the RIL arm will hold 40% in Sterling & Wilson Solar, the joint statement said. Sterling & Wilson Solar closing on Friday was ₹434/share. Ltd, said: “We are happy to welcome Reliance in Sterling and Wilson Solar Ltd.

Source: Mint October 10, 2021 15:12 UTC