New Delhi : Sterling and Wilson, part of Shapoorji Pallonji Group, has acquired majority stakes in two STC Group firms as part of efforts to expand its gas-based power generation portfolio in key markets.
“Presently S&W (Sterling and Wilson) has a presence in the diesel and solar power sector and this acquisition will enable it to establish a strong foothold in the gas power plant segment globally where STC Power has domain knowledge and capability of executing gas based power generation projects…,” a press release said. Sterling and Wilson has bought 51 per cent stake in STC Power and 55 per cent stake in Co.Stell, two operating companies of the STC Group. STC Power is an EPC contractor of medium sized power plants between 1 mw and 200 mw.
“STC acquisition will allow S&W to make our first forays into Europe,” Sterling and Wilson MD Khurshed Daruvala said in the statement. “More importantly, the financial strength and geographical reach of S&W combined with the strong heritage of STC will enable us to provide total turnkey EPC solutions to our customers in Europe, Middle East, Africa and India – it lays the platform for this association to make Sterling and Wilson a significant global player in the gas-based power plant business,” he said.
The other opportunity for the group would be to use the expertise of STC to cater to the huge demand in India forconverting waste into energy, Daruvala added.
