AZB, K Law, Desai & Diwanji assist on Reliance’s stake in Sterling & Wilson Solar

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AZB & Partners (AZB) and Krishnamurthy & Co (K Law) advised Reliance New Energy Solar, a subsidiary of Reliance Industries, when it agreed to a INR2.85 billion (USD385 million) acquisition of a 40% stake in Sterling & Wilson Solar, a Shapoorji Pallonji group company.

Desai & Diwanji advised Sterling & Wilson Solar and the selling shareholders, Shapoorji Pallonji and Company and Khurshed Daruvala, chairman of Sterling & Wilson.

The deal was announced on 10 October and is subject to regulatory and closing conditions.

AZB & Partners’ team comprised partners Ashwath Rau, Anuja Tiwari, Pranav Atit and Nikunj Maheshwari and senior associates Sneha Nagvekar and Dhruv Mairal, Mallika Anand, Amoolya Khurana and Pranjal Bhattacharya.

K Law’s team comprised its founder and managing partner, Naina Krishna Murthy, partners Rukmini Roychowdhury and Alok Sonker, associate partner Mitesh Shah, principal associate Suvaaankoor Das, senior associate Rohaneel Mohite, and associates Ankita P Rajesh, Avani Jain and Mahaveer Rajguru.

Desai & Diwanji’s team was led by partners Apurva Diwanji and Aneesh Gupte, with assistance from associate partner Sameer Patel and associate Alister Sequeira. Partners Natasha Treasurywala and Rahul Chauhan, and associate Nikita Hora also advised.

In stock exchange filings Reliance Industries said the acquisition would be through a series of transactions – preferential allotment of equity shares, acquisition from Shapoorji Pallonji and Company, acquisition from public shareholders in accordance with SEBI takeover regulations, and follow-on acquisition from Shapoorji Pallonji and Company and Khurshed Daruvala, and sell-down, if required.

Reliance Industries said the acquisition would “provide further thrust” to achieving its commitment to establish and enable up to 100GW of solar energy in India by 2030, and become a global player in the renewable industry.