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Sterling and Wilson Solar developers repay Rs 740 million loans – Marseille News

These loans were used by SWSL, its subsidiaries Sterling and Wilson International FZE and Wilson International Solar FZCO. However, SWSL did not specify where the funds were raised from.

The promoters of Sterling and Wilson Solar (SWSL), a company of the Shapoorji Pallonji group (SP group), repaid the outstanding loans of 740 million rupees before Thursday’s deadline.

The promoters, Shapoorji Pallonji and Company and Khurshed Daruvala, have repaid the debt and interest accrued to date. With that, all outstanding loans of Rs 2,563 crore, along with interest, were fully repaid, SWSL said in a stock exchange presentation.

These loans were used by SWSL, its subsidiaries Sterling and Wilson International FZE and Wilson International Solar FZCO. However, SWSL did not specify where the funds were raised from.

The loans were part of a business-to-business debt, which amounted to Rs 2,563 million at the time of its initial public offering in 2019. It was subsequently bought back by the promoters for around Rs 740 million.

The company has previously been in talks with a handful of investors to raise funds through a combination of equity and debt sales. In accordance with its commitments, the solar engineering, procurement and construction company had to repay the loans before September 30.

The SP Group owns a 51% stake in SWSL and the chairman of parent company Sterling & Wilson, Khurshed Yazdi Daruvala, has an 18% stake, with the remainder held by public and other shareholders.

On September 19, SP Group announced the sale of its consumer durables business under the Eureka Forbes label to the US private equity fund Advent International in a deal for Rs 4,400 crore. The sale was aimed at reducing the debt of the 156-year-old group, which stood at Rs 10,900 crore. On Thursday, SWSL said it had won a 1.5 billion rupee waste-to-energy project from an energy asset developer in the UK and Europe. Last month, the company announced the expansion of its renewable energy offerings to include hybrid power, energy storage and waste-to-energy solutions.

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