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

25 October 2023

• 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%​