Relief for Sterling & Wilson Solar; promoters likely to sell assets to repay loan

Sterling & Wilson Solar could soon see inter-corporate loan that it extended to its promoter being repaid. Sources tell CNBC-TV18 that the promoters of Sterling & Wilson Solar are in advance talks to sell certain solar assets which fall under a Sterling & Wilson Pvt Ltd held by the two promoters. Shapoorji Pallonji and Khurshed Yazdi Daruvala are the promoters of the listed entity Sterling & Wilson Solar and they hold 24 percent and 51 percent stake respectively in the company.

Sources say that up to 100 Mega Watt (MW) worth solar assets which fall under Sterling & Wilson Pvt Ltd are likely to be sold to Adani Green Energy, which will help the promoters raise approximately Rs 500 crore.

The proceeds through the sale are likely to be used by promoters to repay the inter-corporate loan to Sterling & Wilson Solar, hence reducing the related party transaction significantly.