Sterling and Wilson,part of Shapoorji Pallonji Group acquires 51% stake in STC Group, Italy to give their co gen business a global up-thrust
Sterling and Wilson, part of Shapoorji Pallonji Group and one of India’s leading Solar EPC with over 1,000 MW of solar projects on ground, has acquired 51% stake inSTC Group, an Italian gas based power generation business, to expand its gas based power plant portfolio in key markets. Presently S&W 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 including gas based combined cycle power generation projects upto 200 MW capacity.
Sterling and Wilson has bought 51% stake in STC Power and 55% stake in Co.Stell, two operating companies of STC Group. STC Power is an EPC contractor of medium sized power plants between 1 MW and 200 MW.
Elaborating the strategy behind the acquisition, Mr. Khurshed Daruvala, MD, Sterling and Wilson stated, “STC acquisition will allow S&W to make our first forays into Europe. 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. The other opportunity for the group would be to use the expertise of STC to cater to the huge demand in India for converting waste to energy.”