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Shapoorji Pallonji Group in talks for IPO of solar EPC arm

Shapoorji Pallonji Group in talks for IPO of solar EPC arm

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Close to 80 percent of its revenues are secured from projects abroad, with its operations in 25 countries spread over the Middle East, Africa, Europe, the Americas and Australia.

The Shapoorji Pallonji Group is currently in talks with an investment bank for an initial public offering (IPO) of its solar engineering, procurement, and construction (EPC) business.

According to a Mint report, the company named Sterling and Wilson has targeted a valuation to the tune of $3.5-4 billion.

Close to 80 percent of its revenues are secured from projects abroad, with its operations spread over 25 countries in the Middle East, Africa, Europe, the Americas and Australia.

The company has an installed capacity of close to 1,930 megawatts (MW) of solar energy and 2,450 MW of solar energy capacity under construction.

Sterling and Wilson recently won a contract for 1,177 megawatts solar project in Abu Dhabi. The report stated this is the largest project in a single location around the world.

The company earned revenues of Rs 6,200 crore during FY17. The report said EPC companies have raised money from capital markets due to the greater spending on infrastructure by the government.

In May 2018, GR Infraprojects filed its papers for an IPO to the tune of around Rs 1,800 crore. Similarly, Ahmedabad-based Montecarlo filed its draft papers for an IPO valued at Rs 550 crore.

Source: moneycontrol
Anand Gupta Editor - EQ Int'l Media Network

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