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Sterlite Power Transmission Ltd will consider entering the power storage business, joining a bunch of aspirants eyeing the fledgling sector as rising power demand and generation open up new business prospects. This month, billionaire Anil Agarwal-led Sterlite Power Transmission got approval from the capital markets regulator to launch an initial public offering. According to its draft share sale documents, transmission segment investments may rise to ₹3.5-4 trillion over the next five years, driven by the need for a robust transmission system to support continued generation additions, the push to the renewable energy sector and rural electrification.
Sterlite Power Transmission Ltd’s Brazilian arm Sterlite Power Brasil plans to expand projects in two regions of Brazil with a capital expenditure of Rs 250 crore. Sterlite Brazil Participaes S.A. (Sterlite Power Brasil) is preparing to to expand transmission and substation projects in the states of Minas Gerais and Paraiba. The requests for an authorizing resolution for the construction of an additional scope came from the National Electric Energy Agency (ANEEL).
Going by the draft papers, Sterlite Power Transmission is looking to raise Rs 1,250 crore through an initial share-sale. The company may consider a pre-IPO placement aggregating up to Rs 220 crore. If such placement is completed, the issue size will be reduced.