International Conveyors Limited has acquired 96,996 equity shares of Sterling and Wilson Renewable Energy Ltd., which had a turnover of ₹3,035.37 Cr. in the last audited financials for FY 2023-24.
Sterling & Wilson Renewable Energy is an end-to-end solar EPC solutions provider, offering services from concept to commissioning with an asset-light business model, specializing in utility-scale solar, floating solar, hybrid systems, and energy storage solutions. Over the past three financial years, its turnover was ₹3,035.37 Cr. in FY 23-24, ₹2,015.01 Cr. in FY 22-23, and ₹5,198.94 Cr. in FY 21-22.
The company operates in India, and the acquisition does not involve any related party transactions. The primary purpose of this acquisition is for investment, and it will be completed by September 20, 2024, with a cash consideration of ₹6.89 Crore. No governmental or regulatory approvals are required for this transaction.