Sterlite & GIC to set up $1 billion JV for power transmission
29 March 2024
Vedanta Croup's Sterlite Power Transmission Ltd (SPTL) and Singapore's sovereign wealth fund GIC are forming a $1 billion platform for India's power transmission sector. GIC will invest $500 million for a 49% stake, and Sterlite Power will match the amount for a 51% stake. The JV will initially include five under-construction projects, with plans to expand. Sterlite Power will transfer four operational assets worth about crores into the JV. This investment aims to support India's goal of increasing renewable energy usage and upgrading the national transmission grid.
Vedanta Croup's Sterlite Power Transmission Ltd (SPTL) and Singapore's sovereign wealth fund GIC are forming a $1 billion platform for India's power transmission sector. GIC will invest $500 million for a 49% stake, and Sterlite Power will match the amount for a 51% stake. The JV will initially include five under-construction projects, with plans to expand. Sterlite Power will transfer four operational assets worth about crores into the JV. This investment aims to support India's goal of increasing renewable energy usage and upgrading the national transmission grid.
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