RNESL becomes a promoter in SWREL

Reliance New Energy Solar Limited (RNESL) has become a promoter in Sterling and Wilson Renewable Energy Limited (SWREL)after a payment of balance Rs 15.83 billion for the acquisition of 25.90 per cent equity in it.

RNESL had purchased interest in SWREL in October 2021 from the Shapoorji Pallonji Group and made an open offer as per takeover regulations. Recently, the Competition Commission of India (CCI) has cleared the deal.With this transaction, RNESL and other group firms together hold over 40 per cent stake in SWREL.Earlier RNESL,Reliance Industries Limited (RIL) and Reliance Ventures Limited (RVL) had made initial payment of Rs 2.59 billionfor the acquisition of 25.90 per cent equity stake in the SWREL.