Sterling and Wilson Renewable Energy Limited provides an update on the Indemnity Agreement with Shapoorji Pallonji and Company Private Limited (SPCPL), Khurshed Yazdi Daruvala, and Reliance New Energy Limited. The company has received ₹31.42 Crore from Mr. Daruvala. SPCPL has committed to paying the outstanding indemnity claim amount of ₹143.12 Crore within 60 days, no later than January 31, 2026.
Indemnity Agreement Details
Sterling and Wilson Renewable Energy Limited (the “Company”) has provided an update regarding the Indemnity Agreement entered into with Shapoorji Pallonji and Company Private Limited (“SPCPL”), Mr. Khurshed Yazdi Daruvala (“Mr. Daruvala”), and Reliance New Energy Limited. The original agreement was made pursuant to the Share Subscription Agreement on October 10, 2021.
Claim Status and Payments
The Company raised a total claim of ₹174.54 Crore. This comprised of ₹31.42 Crore due from Mr. Khurshed Yazdi Daruvala and ₹143.12 Crore due from SPCPL as of September 30, 2025, with payment due by November 30, 2025.
Received Payments and Future Expectations
As of the current date, the Company has confirmed receipt of the full amount of ₹31.42 Crore due from Mr. Daruvala. SPCPL, in a letter dated November 28, 2025, which was received on November 29, 2025, has informed the Company of their commitment to pay the outstanding indemnity claim amount of ₹143.12 Crore within 60 days, and no later than January 31, 2026.
Source: BSE