Mumbai: Renewable energy solutions provider Sterling and Wilson Solar Ltd, co-promoted by Khurshed Yazdi Daruvala and Shapoorji Pallonji families, received approval from markets regulator Sebi to launch its proposed initial public offering, estimated to raise about Rs 4,500 crore.
Over the past five years, the company, which claims to have a turnover of over Rs 10,000 crore in FY18, has set up global operations in businesses of DG sets, gas-based power plants, waste to energy, turnkey data centers, transmission & distribution and solar EPC.
Sterling and Wilson operates across the Middle East, Africa, Australia, Europe, the USA and South America.
"With its recent foray into wind and energy storage, Sterling and Wilson is poised to play a role in the global trend of moving away from thermal plants to a future of renewable energy with storage," says the company website.
The company's order book was Rs 4,309.09 crore as of December 31, 2018.
The IPO will be an offer-for-sale by the company's Chairman Khurshed Yazdi Daruvala, and Shapoorji Pallonji and Company, the promoter selling shareholders, according to sources close to the merchant bankers.
ICICI Securities, Axis Capital, Credit Suisse Securities (India), Deutsche Equities India, IIFL Holdings and SBI Capital Markets are the global coordinators of the issue.
