Reliance New Energy Solar (RNESL), a subsidiary of Reliance Industries (RIL), announced agreements to buy 40 percent stake in Sterling & Wilson Solar from Shapoorji Pallonji and Company.
The size of the deal will be around Rs 2,845 crore.
Sterling & Wilson Solar, an international EPC and O&M service provider in the renewables sector, has executed 11-plus GW of solar turnkey projects globally. Sterling & Wilson Solar has 3,000 employees and presence across 24 countries.
Mukesh Ambani, Chairman of Reliance Industries, said: “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.”
Reliance plans to install 100-GW solar capacity by 2030 to become one of the largest domestic players with more than 30 per cent market share.
It aims to build four giga factories to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen.