The solar unit of Reliance, the country’s largest company in terms of market capital, has got approval from the Competition Commission for acquisition in the giant renewable company.
The solar unit of Reliance Industries, the country’s largest company in terms of market capital, has got approval from the Competition Commission for acquisition in the giant renewable company. Reliance’s subsidiary Reliance New Energy Solar Limited got approval from the Competition Commission of India (CCI) to acquire Sterling & Wilson Renewable Energy Limited on Wednesday. Information has been sent to the regulator regarding this. Regarding this, it has been informed in the tweet made by the regulator that the Commission has approved Reliance New Energy Solar to acquire Sterling & Wilson Renewable Energy.
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Up to 51.07 per cent stake may be acquired
According to the combination notice filed with the regulator, Reliance New Energy plans to acquire 40 per cent of the voting equity share capital in the solar arm of Sterling & Wilson. However, if Reliance’s open offer is fully accepted, under this acquisition, Reliance’s subsidiary can hold up to 51.07 per cent stake in Sterling & Wilson Renewable Energy. In India, Sterling & Wilson Renewable Energy offers activities such as solar engineering, procurement and construction solutions and operation and maintenance services.
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