Reliance Industries (RIL) share price rose in the early trade on December 16 after its green power arm received the CCI approval to buy into Sterling and Wilson Renewable Energy.
The Competition Commission of India (CCI) on Wednesday gave the green light to Reliance New Energy Solar, a Reliance Industries subsidiary, to acquire 40 percent of the total voting equity share capital in Sterling and Wilson Renewable Energy.
The acquisition can go up to 51.07 percent of equity share capital of the company in the eventuality of full acceptance of the open offer.
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Commission approves acquisition of shareholding in Sterling and Wilson Renewable Energy Limited by Reliance New Energy Solar Limited, said the regulator in a tweet.
In India, Sterling and Wilson Renewable Energy is engaged in solar engineering, procurement and construction solutions, and operation and maintenance services.
At 9:17am, Reliance Industries was quoting at Rs 2,386.00, up Rs 13.50, or 0.57 percent, on the BSE.
With inputs from PTI
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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