Sterlite Power Transmission Ltd (SPTL), a privately-held unit of mining company Vedanta Ltd, has transferred three power transmission projects in India to its joint venture with Singapore-based sovereign wealth fund GIC Pte, reported Bloomberg on March 18.
The three power transmission projects in India are still under development and the transfer into the Sterlite Grid 32 Ltd joint venture has reportedly been agreed. The projects are in Kishtwar, Nangalbibra and Fatehgarh, the report said.
Last year, SPTL collaborated with GIC to establish a $1-billion joint venture platform. The primary objective of this collaboration is to capitalise on the growing demand for power evacuation networks in India, they said.
As per the company details, Sterlite Power, controlled by billionaire Anil Agarwal, has 34,000 km+ OPGW (optical ground wire) -based communication projects under live line conditions completed or under execution with 108 critical corridors in 15 states.
The firm is also a leading manufacturer of power cables, conductors and OPGW, supplying to all major states in India and private utilities besides exporting to 60+ countries. It has manufacturing assets in Silvassa, Jharsuguda and Haridwar.
Sterlite Power's Global Infrastructure business line bids for, designs, constructs, owns and operates power transmission assets and currently has operations in India and Brazil.
Sterlite Power is the sponsor of India's first power sector InvIT, India Grid Trust (IndiGrid) that is listed. Pratik Agarwal, the MD of Sterlite Power, is the nephew of Anil Agarwal.
In September 2022, the power firm announced that it had withdrawn its DRHP and deferred its listing plans due to unfavourable market conditions.
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