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Reliance Ventures sanctions Rs 750 cr loan to Shapoorji Pallonji Co

Thursday, 20 Jan 2022
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Reliance Ventures, a 100 percent subsidiary of Reliance Industries (RIL), has sanctioned a Rs 750 crore loan facility to Sterling & Wilson, an unlisted Shapoorji Pallonji group company.

The loan facility is structured in two tranches. The first tranche is a Rs 410 crore loan and the second is a Rs 340 crore loan. The two-year loan has been granted at an interest cost of 10.5 percent per annum and Sterling and Wilson will have to make bi-annual payments. The loan is backed by collateral such as land that belongs to Shapoorji Pallonji and Company.

Sterling and Wilson is a fellow subsidiary of Sterling and Wilson Solar (now known as Sterling and Wilson Renewable Energy) as per the latter's latest available annual report. There is no cross holding of shares between the listed Sterling and Wilson Solar and Sterling and Wilson.

RIL, through its wholly-owned subsidiary Reliance New Energy Solar, had announced the acquisition of 40 percent stake in Sterling and Wilson Solar on 10 October 2021.
 
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