Sterlite Power, GIC form joint venture for Indian power transmission platform, ET EnergyWorld

Sterlite Power and GIC, a Singaporean sovereign wealth fund, unveiled plans to establish a joint venture aimed at developing a power transmission platform in India.

Under the terms of the agreement, Sterlite Power, a private power transmission developer in India, will hold a majority stake of 51%, while GIC will own the remaining 49% stake in the joint venture platform.

The advisory teams involved in this partnership included Deutsche Bank, AZB Partners, Khaitan & Co. for Sterlite Power, and Avener Capital, Shardul Amarchand Mangaldas & Co., PWC for GIC. This initiative comes in response to the opportunities arising from the Indian government’s announcement of over $13 billion in capital expenditure (CAPEX).

Pratik Agarwal, Managing Director of Sterlite Power, highlighted the significance of this partnership in advancing India’s renewable energy objectives. He said, “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 USD 13 billion bid pipeline. We stay committed to building world class assets and empowering humanity by addressing the toughest challenges of clean energy delivery.”

Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC emphasized India’s strategic importance, saying, “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.”

This joint venture signifies a collaborative effort to bolster India’s power transmission capabilities amidst its renewable energy expansion plans, leveraging global expertise and investments to address the evolving energy landscape.

  • Published On Mar 27, 2024 at 01:42 PM IST

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