The company’s revenue from operations in the first nine months of 2018-19 rose 83 per cent to Rs 5,915 crore while net profit jumped 98 per cent to 343 crore during the period.
New Delhi: Shapoorji Pallonji Group’s renewable energy arm Sterling and Wilson Solar today filed Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) to raise around Rs 4,500 crore.
The Initial Public Offer (IPO) will be an offer for sale by the company’s chairman Khurshed Yazdi Daruvala and Shapoorji Pallonji and Company Private Limited. Daruvala holds 33.33 per cent stake, Shapoorji Pallonji and Company holds 65.77 per cent stake while the remaining stake is held by Cyrus Mistry and other members of the promoter group.
The company commenced its operations in 2011 as the Solar Engineering, Procurement and Construction (EPC) division of Sterling and Wilson Private Limited (SWPL) and demerged from SWPL with effect from April 1, 2017 and is now called Sterling and Wilson Solar Limited.
The company’s revenue from operations in the first nine months of 2018-19 rose 83 per cent to Rs 5,915 crore while net profit jumped 98 per cent to 343 crore during the period.
Sterling and Wilson is a global end-to-end solar EPC solutions provider and was the world’s largest solar EPC solutions provider in 2018 based on the annual installations of utility-scale photovoltaic systems of more than 5 Mw capacity, according to a report by IHS Markit. The firm had commissioned 183 solar power projects with an aggregate capacity of 6,063 MW at the end of December 2018.
Source: energy.economictimes.indiatimes
