Renewables company Sterling defaults on loan dues

Mumbai: Sterling & Wilson Renewable Energy has missed out on a loan repayment due in September, triggering a downgrade to default by India Ratings. Shares of the company fell 5% on Wednesday. The company's earlier promoters - the Shapoorji Pallonji group - sold their stake in the company to Mukesh Ambani's Reliance, which is now the largest shareholder with a 40% stake through Reliance New Energy.

Sterling & Wilson had a scheduled repayment of Rs 426 crore in September, of which Rs 217 crore was not paid on the due date because of insufficient liquidity. "The internal cash flow would be inadequate to meet repayment of Rs 332 crore in October 2023," India Ratings said.