An Italian connection

A closely held company within the Shapoorji Pallonji Group (SP Group), Sterling and Wilson Private Limited has made its first overseas acquisition with the purchase of majority interest in Italian engineering, procurement and construction (EPC) contractor STC Power. The Times of India (TOI), quoting a top executive of the company, reported on April 28, 2016 that the company has bought a 51% stake in the European contractor from the founding family.

Khurshed Daruvala (pictured), managing director of Sterling and Wilson was quoted in the report that "the financial strength of Sterling and Wilson and the technical expertise of STC Power” would help them to bid for large engineering projects in Europe, the Middle East and certain African markets. Sterling and Wilson over the past many years has been associated with multiple projects in over 40 countries in the Middle East and Africa and has international offices in Dubai, Nigeria, Qatar, Riyadh, The Philippines, South Africa, Thailand and Australia, according to their website.
Daruvala reportedly holds 33% stake in the company "which today is the country’s biggest EPC company for solar power plants,” had a turnover of Rs 5,500 crore in fiscal 2016 and aims to reach "Rs 15,000 crores by the end of the decade,” according to the TOI report.
Sterling and Wilson has its genesis in the 1971 joint venture between Wilson Electric Works founded by Daruvala’s grandfather in 1927, and the SP Group, according to their website. The SP Group is reported to hold 67% of the equity of Sterling and Wilson. The website of STC Power states that they are "leaders in the production of cogeneration plants and energy production from traditional and renewable sources.”
Crediting 50-year-old Shapoor Mistry, who has led the SP Group as chairman since 2012 with this overseas foray, the TOI report states that this is Mistry’s second overseas deal. In 2013, group company Eureka Forbes had snapped up Swiss home appliance maker Lux International.