(MENAFN- Live Mint) "Vedanta group company Sterlite Power and an affiliate of Singapore's sovereign wealth fund GIC have signed definitive agreements to set up a new platform to develop and operate power transmission projects in India. Sterlite Power will own the majority stake of 51% and GIC will own the remaining 49% stake, said a joint statement Agarwal, managing director, Sterlite Power said:“India's renewable vision calls for investments in transmission to unlock the full potential of 500 GW of renewable power. This joint venture signals global confidence in India's growth vision. With GIC as our partner, we are poised to play a leading role in India's transmission sector, starting with the $13 billion bid pipeline.”The statement said that Sterlite Power was advised by Deutsche Bank, AZB Partners, and Khaitan & Co and GIC was advised by Avener Capital, Shardul Amarchand Mangaldas & Co., and PWC for the transaction Eng Seng, chief investment officer of infrastructure at GIC, said:“India is a key long-term market for GIC given its strong economic fundamentals and favourable demographics, which are spurring opportunities in many sectors including infrastructure development.”Sterlite Power is a power transmission infrastructure developer and solutions provider with a portfolio of 33 completed, sold and under-construction projects covering around 15,350 circuit kilometres of transmission lines across India and Brazil India, Sterlite Power has over $2 billion worth of projects under management November, the company announced to demerge its transmission business into a separate entity and Sterlite Power would continue to house the manufacturing business.
In a recent interview to Mint, Agarwal said that company is awaiting the approval to the demerger proposal from the National Company Law Tribunal (NCLT) and expects the process to complete by the second quarter of the FY25. He had said that the company is already in talks with private equity investors for an equity fundraise for its transmission business company is also present in the products and services business wherein it produces power transmission components such as power conductors, power cables and over ground wire cables.
MENAFN27032024007365015876ID1108028795
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.