Will be paying back loans within 90 days of listing, says Sterling & Wilson chairman Daruvala

Shapoorji Pallonji-owned Sterling & Wilson Solar has committed that the company will be paying back the loans within 90 days of the listing.

The company made a weak listing on D-Street on August 20 at Rs 703 versus the issue price of Rs 780.

"As mentioned in the RHP, we have committed that within 90 days of the listing we will be paying back the loans," said Khurshed Daruvala, chairman of the company.

"Once we pay back within 90 days, like we have committed, the solar company will become debt-free and once it is nearly debt-free, from a financial parameter, it will be excellent," said Daruvala in an interview with CNBC-TV18.

Talking about business, Daruvala said, "Historically, our strengths have been the Middle East and Africa. In the last three years' revenues, the predominant international revenues came from those geographies."

He further said that the company will bid for Rs 90,000 crore worth of orders this year.

Speaking further about the business, Bikesh Ogra, global CEO of the company, said, "We are in the right place at the right time being the largest EPC in the world, having a global presence of around 26 countries and being prominently in all these countries, the fact that the wealth for the next 25-30 years is to be made and we will make that wealth."

Source: CNBC-TV18