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Shapoorji Pallonji in talks for IPO listing of its solar EPC arm

Shapoorji Pallonji Group is in discussions with investment banks and exploring opportunities to list its solar EPC business reports Live Mint citing three people aware of the matter.

The Mumbai-based conglomerate is targeting a valuation between UD 3.5 billion and USD 4 billion for the business which generates 80% of its revenue from overseas said one of the three sources on the condition of anonymity to the publication.

Shapoorji’s solar EPC business is housed under Sterling and Wilson Pvt. Ltd.

A second source choosing to stay anonymous said that Shapoorji is also considering raising funds from the private market for the particular operations.

Sterling and Wilson recently a year ago won contracts to build and operate the 1,177-MWp Sweihan solar photovoltaic (PV) project in Abu Dhabi.

Several EPC companies are tapping the capital markets to raise funds amid strong order inflows on higher infrastructure spending by the government.

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