Sterlite Power is in talks with GIC for a $300 million fund infusion against demerger of Solutions vertical

16 August 2023

• The deal is expected to be finalized in the next two weeks.
• GIC will invest in a 51:49 joint venture with Sterlite Power for its power transmission business.
• Sterlite Power will demerge its solutions business and list it later on the domestic bourses.
  GIC is not keen on exposure to the solutions business.
• Avendus Capital is advising Sterlite Power on the overall deal and Deutsche Bank has also been roped in for the GIC funding leg of the transaction.
• Earlier this year, Sterlite Power acquired Fatehgarh III Beawar Transmission Limited, a special purpose vehicle (SPV) from PFC Consulting Limited (PFCCL).
  The acquisition is a part of Sterlite Power's commitment to contribute to India's renewable energy vision of 500 GW by 2030.
• The proposed deal will help Sterlite Power to expand its power transmission business and GIC to gain exposure to the Indian power sector.
  
• The demerger of the solutions business will allow Sterlite Power to focus on its core power transmission business.
• The acquisition of Fatehgarh III Beawar Transmission Limited is a part of Sterlite Power's strategy to expand its transmission network in India.