Desai & Diwanji advised Sterling Wilson Solar

Desai & Diwanji advised Sterling Wilson Solar

Deal happens by way of multi-stage transaction

Indian law firm Desai & Diwanji have advised Sterling Wilson Solar Ltd. and its promoters Shapoorji Pallonji Company and Khurshed Yazdi Daruvala on the proposed sale/dilution of their shareholding to Reliance New Energy Solar Ltd.

Reliance Industries Ltd. will acquire a 40 per cent stake in Sterling Wilson Solar for a consideration of approximately Rs.2,850 crores.

The deal took place by way of a multi-stage transaction involving primary investment, secondary purchase and an open offer. The team was led by partners Apurva Diwanji and Aneesh Gupte and assisted by associate partner Sameer Patel and associate Alister Sequeira.

Partners Natasha Treasurywala and Rahul Chauhan advised on certain aspects of the transaction and were assisted by associate Nikita Hora.

Reliance Industries was advised by AZB & Partners. Partners Ashwath Rau, Pranav Atit and Nikunj Maheshwari, along with senior associates Sneha Nagvekar and Dhruv Mairal, led the team.

Partner Anuja Tiwari and senior associates Mallika Anand, Amoolya Khurana and Pranjal Bhattacharya advised on the projects related to the diligence aspects while partner Bharat Budholia with senior associate Shivam Jha advised on the facets of competition law.