Mukesh Ambani Buys Two green Firms in a DayTop Stories

October 11, 2021 14:18
Mukesh Ambani Buys Two green Firms in a Day

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Mukesh Ambani is the richest Indian and he has been leading the list from the past few years. Mukesh Ambani announced a 771 million USD acquisition of REC Solar from ChemChina. Soon after this, Reliance Industries also bought Sterling and Wilson Solar from the promoters and this is a huge move in renewable energy. Shapoorji Pallonji & Co. Pvt. Ltd (SPCPL) and Khurshed Yazdi Daruvala owns 69.36 percent of the share in Sterling and Wilson Solar and they raised Rs 2850 crores from the public. They failed to repay the loans and the other shareholders demanded an exit. Reliance Industries has a new arm named Reliance New Energy Solar Ltd (RNEL) and they allotted 2.93 crores shares at Rs 375 per share. They will have 15.46 percent of the expanded equity base. Another 9.70 percent will soon be acquired by RNESL at the same price.

An open offer of the additional 25.7 percent is available and if the talks are successful, RNESL will have 40 percent of the stake and the total pay would be Rs 3630 crores. Sterling and Wilson Solar has a market capitalization of Rs 6972.45 crores. The net loss is said to be Rs 76.02 crores in the quarter that ended on June 30th, 2021. The stocks zoomed up by 60 percent in the last three months. SP Group and SWSL repaid a debt of Rs 2563 crores. The promoters of Sterling and Wilson are looking for investors. Adani Group, Reliance Industries and Brookfield have been in talks. Sterling and Wilson is the leading Engineering Procurement Construction firm in the world.

By Siva Kumar

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