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'Not Exiting Sterling & Wilson', promoter says as stock crashes

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- Sterling and Wilson Renewable Energy (SWRE) chairman Khurshed Daruvala clarified that his family is not exiting the company and the recent stake sale was to settle debt and fund an investment in Sterling & Wilson Data Centre. - The stake sale by Daruvala and Shapoorji Pallonji and Company Pvt. Ltd (SPCPL) caused a drop in SWRE's shares by nearly 8%. - Daruvala and his wife collectively own about 5.7% stake in SWRE, making it their largest family investment. - The stake sale was to fund an investment in Sterling & Wilson Data Centre, a company that acquired the data centre EPC business from Sterling and Wilson in a slump sale. - The sale of the data centre business by Sterling and Wilson (S&W) helped settle its debts and put an end to its debt crisis. - SWRE, which raised capital through stake sale to Reliance Industries and a qualified institutional placement, is expected to benefit from the government's focus on renewable energy and RIL's solar ambitions.