Reliance Group Firm Offers to Acquire 4.91 Crore Shares of Sterling & Wilson Solar

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Reliance Industries solar arm has recently bid Rs 1,917 crore for participating in the Solar PLI. The organization is also working on establishing four Green Energy giga factories in Gujarat

Reliance New Energy Solar has offered Rs 375/share to acquire 4.91 crore shares of Sterling & Wilson Solar. The estimated amount offered by the Reliance Group Firm is about Rs 1,840 crore.

It is worth noting that 4.91 shares of Sterling & Wilson Solar translate to 25.9 per cent equity shares in the company. This also means the entire public holding in Sterling & Wilson Solar. Reliance Industries Ltd (RIL) and Reliance Ventures Ltd, are also said to be participating in the PAC (persons acting in concert).

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Reliance New Energy Solar, as per regulatory filings, has issued a “draft letter of offer for open offer for acquisition of up to 4,91,37,420 fully paid-up equity shares of face value of Rupee one each representing the entire public shareholding constituting 25.90 per cent of the emerging Voting Capital of Sterling and Wilson Solar LTD…”

Reliance Industries solar arm has recently bid Rs 1,917 crore for participating in the Solar PLI. The organization is also working on establishing four Green Energy giga factories in Gujarat.

“We have started developing the Dhirubhai Ambani Green Energy Giga Complex over 5,000 acres in Jamnagar. It will be amongst the largest integrated renewable energy manufacturing facilities in the world… Over the next three years we will invest Rs 75,000 crore in it,” said Mukesh Ambani had said at the International Climate Summit 2021.

The four gigafactories that Reliance is working on includes an integrated solar photovoltaic module factory, an energy storage battery factory, an electrolyser factory and a fuel-cell factory for converting hydrogen into motive and stationary power.

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Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

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