The Competition Commission of India (CCI) on Wednesday approved acquisition of shareholding in Sterling and Wilson Renewable Energy Limited (SWREL) by Reliance Industries' wholly-owned subsidiary Reliance New Energy Solar Limited (RNESL).
The proposed combination envisages acquisition of 40 per cent of the equity share capital of Sterling and Wilson Renewable Energy Limited (formally known as Sterling and Wilson Solar Limited) by RNESL. However, the acquisition can go up to 51.07 per cent of equity share capital of SWREL in the eventuality of full acceptance of the open offer.
RNESL is a newly incorporated entity and does not offer any products or services in India. It had offered Rs 375 per share to acquire 4.91 crore shares of SWREL for over Rs 1,840 crore.
Billionaire Mukesh Ambani-led Reliance Industries has presence in sectors such as hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
On October 10, Reliance Industries had agreed to buy up to 40 per cent stake in Sterling and Wilson Renewable Energy Limited through RNESL.
SWREL is a global pure-play, end to end solar engineering, procurement and construction (EPC) solutions provider in India and over 25 countries globally. In India, it is engaged in provision of solar EPC solutions and operation and maintenance services, including for projects constructed by third parties.