The Competition Commission of India (CCI) on Wednesday approved the acquisition of shareholding in Sterling & Wilson Renewable Energy Ltd by Reliance New Energy Solar Ltd.
The proposed combination envisages acquisition of 40% of the equity share capital of Sterling & Wilson Renewable Energy Limited (formally known as Sterling & Wilson Solar Limited) (SWREL) by Reliance New Energy Solar Limited (RNESL) Is.
However, in the event of full acceptance of the open offer, the acquisition may go up to 51.07% of the equity share capital of SWREL, CCI said in a statement.
RNESL is a wholly owned subsidiary of Reliance Industries Limited (RIL), the ultimate holding company for entities belonging to the RIL Group (RIL Group). RNESL is a newly incorporated entity and does not offer any products or services in India.
SWREL is claimed to be a global pure-play, end-to-end Solar Engineering, Procurement and Construction (EPC) solutions provider in over 25 countries in India and globally.
In India, SWREL Solar is engaged in the provision of EPC solutions and operation and maintenance services, including for projects built by third parties.
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