Sterlite Power and GIC have recently established a joint venture to undertake power transmission projects in India, leveraging the government’s planned capital expenditure exceeding USD 13.0 billion. Under this collaboration, Sterlite Power will retain a majority stake of 51 per cent, while GIC will hold the remaining 49 per cent stake.
Pratik Agarwal, Managing Director of Sterlite Power, emphasized the joint venture’s dedication to supporting India’s renewable energy objectives, with a focus on harnessing the potential of 500 GW of renewable power. He expressed confidence in the partnership’s ability to take a leading role in India’s transmission sector and effectively manage the substantial USD 13 billion bid pipeline.
Ang Eng Seng, the Chief Investment Officer of Infrastructure at GIC, highlighted the critical importance of transmission infrastructure in bolstering India’s expanding renewable energy sector. He also underscored India’s position as a key long-term market for GIC, citing its strong economic fundamentals and promising demographic trends.
To realize its strategic vision, Sterlite Power sought counsel from Deutsche Bank, AZB Partners, and Khaitan & Co for advisory support. GIC, on the other hand, enlisted the expertise of Avener Capital, Shardul Amarchand Mangaldas & Co, and PWC to guide its efforts. These collaborations were instrumental in facilitating their strategic initiatives, ensuring comprehensive and well-informed decision-making processes.
Sterlite Power is a leading global developer of power transmission infrastructure, renowned for its innovative solutions and sustainable approach. The company specializes in designing, commissioning, and operating power transmission systems across various geographies. Sterlite Power is committed to enhancing the reliability and efficiency of power networks, contributing significantly to the development of sustainable energy ecosystems.
