CCI approves Reliance arm's acquisition of stake in Sterling and Wilson Renewable Energy

The Competition Commission of India (CCI) on Wednesday approved the acquisition of shareholding in Sterling and Wilson Renewable Energy Ltd by Reliance New Energy Solar Ltd. According to a combination notice filed with the regulator, Reliance New Energy is seeking to acquire 40 per cent of the total voting equity share capital.

However, acquisition can go up to 51.07 per cent of equity share capital of Sterling and Wilson Renewable Energy in the eventuality of full acceptance of the open offer.

"Commission approves acquisition of shareholding in Sterling and Wilson Renewable Energy Limited by New Energy Solar Limited," according to the regulator's tweet.

In India, Sterling and Wilson Renewable Energy is engaged in solar engineering, procurement and construction solutions, and operation and maintenance services.