January 2 (Renewables Now) - Indian conglomerate Shapoorji Pallonji Group, the promoter of Sterling and Wilson Solar Ltd (BOM:542760), has repaid INR 10 billion (USD 140m/EUR 125m) in debt it owed the solar engineering firm, the latter said on Tuesday.
Shapoorji Pallonji Group holds a 77.22% stake in Sterling Wilson Solar and has to clear a balance of INR 16.44 billion following the latest repayment. The group has proposed to settle the outstanding loan amount to Sterling and Wilson Solar in three tranches. Two of them will be for INR 5 billion, to be transferred by March 31, 2020, and June 30, 2020, while the remaining amount will be paid by September 30, 2020.
The INR-10-billion repayment has been made from the date of Sterling and Wilson Solar’s initial public offering (IPO) in August until December 31, 2019. During this specific period, the company’s external debt has been cut by INR 13.4 billion.
Local media reported in November that Shapoorji Pallonji Group was mulling over the possibility of listing Mumbai-based consumer goods company Eureka Forbes Ltd or offloading a stake in engineering firm Forbes & Company Ltd in order to raise funds to pay back inter-company loans to the solar power engineering, procurement and construction (EPC) business.
(INR 10 = USD 0.140/EUR 0.125)