Sterling and Wilson Bags Orders Worth 512 Cr.
- 24 Sept, 12:57 AM (GMT+5:30)
- 2 Min
Summary
Sterling and Wilson Renewable Energy Limited (SWREL) announced on Tuesday, September 24, that it has secured two major domestic orders from Private Independent Power Producers (IPPs).
Key Takeaways from the Order Win:
- Sterling and Wilson Renewable Energy Limited (SWREL) has secured two new domestic orders worth INR 512 crore.
- The orders include a DC photovoltaic plant in Gujarat and a DC photovoltaic plant in Maharashtra.
- Both orders are from existing clients, underscoring SWREL's strong market presence and robust execution capabilities.
As per a stock exchange filing, the first project involves the engineering, procurement, and construction (EPC) of a 200 MW AC/250 MWp DC photovoltaic (PV) plant in Gujarat, while the second order is for a 40 MW AC/65 MWp DC PV plant in Maharashtra.
Both orders highlight SWREL's strong market presence and its ongoing relationships with existing clients, reinforcing its credibility in the renewable energy EPC sector.
Commenting on the order wins, Mr. Amit Jain, Global CEO, of Sterling and Wilson Renewable Energy Group said, “We are very happy to bag two more prestigious domestic solar projects from leading Private IPPs and these project wins showcase our strong positioning in a fast-growing market.” Both orders have been received from repeat clients thereby reaffirming our robust execution credentials. In the current year, out of the 6 major domestic orders received, 5 are from our existing clients showing the confidence customers have reposed in us to be a part of their growth in the domestic renewable market.“
About Sterling and Wilson Renewable Energy Limited
Sterling and Wilson Renewable Energy Limited (SWREL) is a global company specialising in providing complete solutions for renewable energy projects. They offer services like engineering, procurement, and construction (EPC) for large-scale solar, floating solar, and hybrid energy storage projects. SWREL has a total capacity of over 19.4 GWp in projects, either completed or in development.
The company also manages the operation and maintenance of 8.2 GWp of solar power plants, including those built by other companies. Operating in 28 countries, SWREL has a strong presence in regions such as India, Southeast Asia, the Middle East, Africa, Europe, Australia, and the Americas.
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Sterling Tools Announces Incorporation of Wholly-Owned Subsidiary in Singapore
- 24 Sept, 01:12 AM (GMT+5:30)
- 2 Min
Summary
Sterling Tools Limited announced on Tuesday, September 24 the incorporation of its wholly-owned subsidiary, Sterling Overseas PTE. Limited, under the Singapore Companies Act, 1967.
Key Takeaways from the Announcement
- Sterling Tools Limited has incorporated a wholly-owned subsidiary in Singapore.
- The new entity, Sterling Overseas PTE. Limited, is aimed at expanding the company's automotive business globally.
- The subsidiary has a total issued share capital of USD 1000 with 100% ownership by Sterling Tools Limited.
The new entity, registered on September 23, 2024, under the laws of Singapore with the Accounting Corporate Regulatory Authority (ACRA), is an important step in the company’s future international development.
According to the official announcement, Sterling Overseas PTE. Limited has an issued share capital of USD 1,000, with 100 ordinary shares valued at USD 10 each. The formation of the entity is an initiative intended to establish a presence for Sterling Tools in the global marketplace in the automotive sector. The new subsidiary is a key initiative to expand the operations of the business into a new global market.
This development, while involving a related party transaction, is conducted at arm's length with no additional interests from the promoter group or other group companies. The acquisition process was completed through a 100% subscription to the ordinary shares in cash, with a total investment of USD 1000.
The establishment of the new entity Sterling Overseas PTE. Limited is an initiative by Sterling Tools to develop its global footprint in automotive markets and was achieved without the need for additional government and/or regulatory approvals. The registration of the new subsidiary has commenced with the relevant authorities.
About Sterling Tools Limited
Sterling Tools Limited, founded in 1979 by Mr. Manohar Lal Aggarwal, is an experienced manufacturer of superior-quality high-tensile cold-forged fasteners that primarily cater to the automobile industry. The management of the company is currently in the hands of the second generation of the Aggarwal family, namely Mr. Anil Aggarwal and Mr. Atul Aggarwal. STL has grown to a position of prominence in the industry and is now well known as the second-largest manufacturer of automotive fasteners in India. Furthermore, ST's subsidiary, Sterling Gtake E-Mobility Ltd. (SGEM), denotes the largest manufacturer of motor control. Units (MCUs) for the electric vehicle sector in India and also command a respectable market share of approximately 50% of high-speed scooters in India and approximately 26% of the overall MCU market.
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BFIL Acquires Advance 7 Axis CNC Machines to Enhance Capabilities
- 24 Sept, 01:08 AM (GMT+5:30)
- 2 Min
Summary
Balu Forge, on Tuesday, September 24, announced the acquisition of CNC machines with capabilities of 7 Axis machining, thus supporting its growth in some of the most demanding sectors, including Aerospace, Defence, and Railways. The business will now provide precision-engineered products and add new items to its capabilities within these sectors.
Key Takeaways from Balu Forge Acquisition:
- BFIL has acquired cutting-edge 7 Axis CNC machines for key industries such as Aerospace, Defence, and Railways.
- They can machine parts up to 3 metres long, which are sourced from a leading German manufacturer.
- This will enable BFIL to manufacture high-precision parts from many alloys, among which are Aluminium and Titanium.
- It will continue to develop high-precision components for Aerospace, Defence, Railways, and Oil & Gas.
- The new technology will help to machine complex geometries with higher precision and thus optimise the utilisation of materials.
The order consists of 7 Axis CNC machines from a high-class German company, with the ability to work pieces up to 3 metres in length. This will make it impossible for competitors to match with BFIL in terms of accuracy at the top-quality material being processed, which would include various alloys such as Aluminium and Titanium.
The acquisition intends to further develop its offerings in high-precision and critical components including turbine components, aircraft frames, engine parts, and landing gear for Aerospace; weapon system components and vehicle parts for Defence; locomotive parts and track components for Railties; and valve bodies and pump components for Oil & Gas.
The introduction of 7 Axis machining will benefit the company to create complex geometries, improve precision, enhance flexibility, and optimise material utilisation to machine intricate products in one setup.
About Balu Forge Industries Limited:
Balu Forge Industries Limited (BFIL) was established in the year 1989. The company produces crankshafts, both fully finished and semi-finished crankshafts and forging components. It is well-equipped to manufacture parts of new emission regulations and requirements of new energy vehicles. BFIL has a fully integrated forging and machining facility and is well-equipped to supply varied weights, from 1 kg up to 1000 kg. With over 80 global distribution networks, the firm serves its both domestic and export markets. Its customers include world-class suppliers and manufacturers of various industries such as light vehicles, agricultural equipment, power generation, commercial vehicles, off-highway vehicles, ships, and locomotives, amongst others. On the other hand, the company serves industries like defence, oil and gas, railways, and marine as well.
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L&T Wins Mega Orders in the Middle East for Power Transmission
- 24 Sept, 12:52 AM (GMT+5:30)
- 3 Min
Summary
Larsen & Toubro's Power Transmission & Distribution vertical has announced that it has won new orders in the Middle East on Tuesday, September 24. According to L&T, the project has been designed to expand and strengthen electricity grids at high voltage levels.
Key Takeaways from L&T Order Win in the Middle East:
- Larsen & Toubro PT&D vertical received big orders in the Middle East for high-voltage electricity grid expansion.
- The company will build ±500kV High Voltage Direct Current links in Saudi Arabia to enhance interconnection and system strength.
- L&T has secured orders for two 380kV overhead transmission lines and a bulk supply 380kV GIS.
- Some of the major 400 kV Gas Insulated Substations including several necessary systems for enhanced grid performance to be constructed by L&T in Abu Dhabi will require Evac and CPM support.
- These projects are aimed at significantly increasing power transmission capacities and the reliability of electric grids within the region.
In Saudi Arabia, the company will establish ±500kV High Voltage Direct Current links to interconnect various regions of the national electricity network, bringing increased power exchange and system resilience. Other than that, L&T has won orders for two 380 kV overhead transmission lines and a bulk supply 380 kV Gas Insulated Substation to support renewable energy generation.
Additionally, the company has secured an important contract from Abu Dhabi, United Arab Emirates, for erecting two major 400kV Gas Insulated Substations to be executed along with necessary civil works, while Series Current Limiting Reactors, Auto Transformers, and other modern monitoring systems are included to enhance the power transfer capability of the grid.
T Madhava Das, Whole-Time Director & Senior Executive Vice President (Utilities) at Larsen & Toubro commenting on the development said, “The fortification and modernisation of transmission systems is the foremost step in establishing a secure, resilient grid capable of handling variable renewable generation in an evolving energy market.”
About Larsen & Toubro Limited:
Larsen & Toubro Limited is one of India's biggest and most respected private sector companies that focuses on EPC projects, high-tech manufacturing, and services. For more than 80 years with a strong customer-oriented approach and an unwavering commitment to world-class quality, L&T has unmatched experience in the areas of Technology, Engineering, Construction, and Manufacturing and all its core business areas.
With operations spread over more than 50 countries, L&T has been customer-centric for over eight years, which was instrumental in the company taking over and sustaining its leadership positions in key business streams.
The company operates in critical, high-impact sectors of the economy with a balanced portfolio offer across the entire value chain from design to delivery. All aspects of Larsen & Toubro's operations are characterised by professionalism and high standards of corporate governance, with sustainability as an integral part of its long-term growth strategy. L&T has an operating presence in eight countries other than India and has several international offices and a global supply chain.
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