Sterlite Power and GIC's Billion-Dollar Venture to Power India's Renewable Future

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Senior Executive Digital Marketer

Publish Date25 October 2023

Reading time1 Min

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Sterlite Power Transmission (SPTL), a Vedanta Group company, is forming a $1 billion joint venture platform with Singapore's sovereign wealth fund, GIC, to capitalize on the increasing demand for power evacuation networks in India, driven by the renewable energy sector.
SPTL is currently undergoing a demerger into two distinct businesses:
- One segment focuses on the infrastructure division responsible for developing and operating power transmission assets under build-operate-transfer (BOT) agreements, typically spanning 30-year concessionaire agreements.
- The other segment is dedicated to the domestic manufacturing business, producing cables, conductors, and optical phase ground wires.
The collaboration with GIC aims to harness the opportunities arising from India's renewable energy growth by strengthening the power evacuation network.
This strategic move aligns with SPTL's evolving business structure as it separates into these two specialized entities.
Fund to put in $500m Vedanta Co to put 4 assets & cash for 51%