Desai & Diwanji, AZB act on Reliance purchase of 40% stake in Sterling & Wilson Solar

Reliance Industries Ltd. will acquire a 40% stake in Sterling Wilson Solar for a consideration of approximately ₹2,850 crores. This will happen through a combination of primary investment, secondary purchase and an open offer

Desai & Diwanji advised Sterling Wilson Solar Ltd. and its promoters Shapoorji Pallonji and Mr. Khurshed Daruwala on the proposed sale/dilution of their shareholding in Sterling & Wilson Solar, to Reliance New Energy Solar Ltd

The deal took place by way of a multi-stage transaction involving a preferential issue, secondary transfer and an open offer.

The transaction team was led by Partners Apurva Diwanji and Aneesh Gupte and assisted by Associate Partner Sameer Patel and Associate Alister Sequeira.

Partners Natasha Treasurywala and Rahul Chauhan, advised on certain aspects of the transaction and were assisted by Associate Nikita Hora.

AZB & Partners advised Reliance Industries and the team was led by Partners Ashwath Rau, Pranav Atit and Nikunj Maheshwari along with Senior Associates Sneha Nagvekar and Dhruv Mairal.

Partner Anuja Tiwari and Senior Associates Mallika Anand, Amoolya Khurana and Pranjal Bhattacharya advised on the projects related diligence aspects while Partner Bharat Budholia with Senior Associate Shivam jha advised on on competition law aspects.

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