Sterling and Wilson Pvt. Ltd. entered into binding term sheet agreement to acquire Unitech Power Transmission Limited from Unitech Limited (BSE:507878) and others for INR 1.1 billion on January 23, 2019. Share purchase agreement was signed on March 26, 2019. Out of the total INR 1.05 billion, INR 684 million is promised to be deposited with the Registry of Hon’ble Court after the fulfillment of conditions laid in the term sheet. The balance INR 350 million will be backed by a bank guarantee issued in favor of an escrow agent. Post transfer, Unitech Power Transmission Limited will became a wholly owned unit of Sterling and Wilson Pvt. Ltd. The transaction is subject to approval from the shareholders of Unitech Power Transmission Limited. The transaction has been approved by the Supreme Court of India. As of August 14, 2019, the transaction is approved by the shareholders of Unitech Limited. Transaction is expected to close in year 2020. Sterling and Wilson Pvt. Ltd. cancelled the acquisition of Unitech Power Transmission Limited from Unitech Limited (BSE:507878) and others on January 23, 2020.