Partnership with one of the largest EPC and O&M solutions providers globally
Will provide further thrust to achieving Reliance’s commitment
to establish and enable up to 100 GW of solar energy in India by 2030;
and become a global player in the renewable industry
Mumbai, October 10, 2021 (GPN): Reliance New Energy Solar Ltd (RNESL), a wholly-owned
subsidiary of Reliance Industries Ltd (Reliance), today executed definitive agreements
with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala and
Sterling and Wilson Solar Ltd (SWSL) to acquire 40.0% stake post-money in SWSL
through a series of the following transactions:
a) Preferential allotment of 2.93 crore equity shares (equivalent to 15.46% post
preferential share capital) at a price of Rs. 375.00 per share;
b) Acquisition of 1.84 crore equity shares by RNESL from SPCPL (equivalent to 9.70%
post preferential share capital) at a price of Rs. 375.0 per share;
c) Public Announcement by RNESL to the public shareholders of SWSL to acquire up to
4.91 crore equity shares of SWSL, representing 25.9% in accordance with SEBI
Takeover Regulations;
d) RNESL will hold 40.0% of the equity capital of SWSL, consequent to acquisition in the
open offer, follow-on acquisition of shares from SPCPL and Khurshed Daruvala, and
sell down, if any required.
With 11-plus GW of solar turnkey projects executed globally and more than 5 decades of
engineering experience, SWSL is a leading and highly reputed international EPC and O&M
service provider in the renewables sector. The company has a 3,000 strong team and
presence across 24 countries, and it provides a comprehensive range of solar energy
turnkey solutions including design, procurement, construction, project management and
operations and management.
Reliance is committed to making India a global leader in green energy based on the latest
and most cost-competitive technologies and development capabilities. This partnership
with SWSL will provide it access to world-class talent, engineering and project
management skills and complement Reliance’s proven strengths in digital technology,
engineering, and procurement and project execution – all key ingredients required to deliver
high quality, cost-efficient and time-bound implementation of giga-scale green energy
capacity, in India and across the world.

Combined with Reliance’s announced plans to set up four state-of-the-art giga factories in
Jamnagar, Gujarat, the partnership offers fully integrated product with unrivaled
engineering capabilities.
Speaking about the transaction, Mr Mukesh Ambani, Chairman of Reliance Industries,
said, “We welcome SWSL as a strategic partner towards building our New Energy platform.
SWSL, with its engineering talent, deep domain knowledge, global presence, and
experience of executing some of the most complex projects globally, will become an
important part of our solar value chain. This will enable us to deliver our comprehensive,
end-to-end ecosystem leading to cost-efficient green energy for Indian consumers.
We have great respect for Khurshed Daruvala and the world class institution that he has
built over the years and look forward to collaborating in making SWSL a global EPC and
O&M leader.”
Mr Shapoor Mistry, Chairman of Shapoorji Pallonji & Co. Pvt. Ltd, said: “We are happy
to welcome Reliance in Sterling and Wilson Solar Ltd. Through the decades, spanning
three generations, the Shapoorji Pallonji group has helped Sterling and Wilson become a
global leader in providing turnkey solutions in the energy value chain. SWSL is now well-
poised to make a valuable contribution, as the world transitions to a low-carbon economy.
I believe this partnership is beneficial to all stakeholders and will greatly contribute to
making India a leading green energy powerhouse.”
Mr Khurshed Daruvala, Chairman of SWSL said, “The history of Sterling and Wilson
dates to the 1920s. We have come a long way since then and have always stayed true to
our core values of delivering high quality engineering solutions to our customers. Along
with the Shapoorji Pallonji Group we have made SWSL a global leader in providing turnkey
solutions in the energy value chain. Reliance, with its integrated new energy vision, and a
commitment to put India on the global green energy map, provides us a great opportunity
to further establish SWSL as the leading EPC solutions provider globally. I am sure this
partnership will give SWSL new energy and excitement, and we look forward to becoming
part of creating history.”
Mr Khurshed Daruvala will continue to be Chairman of the Board and lead the next phase
of growth for SWSL.
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 SWSL
and the selling shareholders.The transaction is subject to customary regulatory and other approvals and closing
conditions.