Power transmission solutions provider Sterlite Power Transmission Ltd and Singapore’s sovereign wealth fund GIC have entered into an agreement to establish a new platform focused on the development and ownership of power transmission projects in India.
According to the agreement, GIC will acquire a 49% stake in the joint venture, while Sterlite Power will retain a controlling 51% share.
This strategic partnership aims to capitalise on the significant opportunities in India’s transmission sector, which is estimated to be worth $13 billion. The investment will primarily target the development of green corridors for transmitting renewable energy (RE) power.
Pratik Agarwal, Managing Director of Sterlite Power in an interview to CNBC-TV18, stated, “To begin with GIC-Sterlite JV company will have five projects in the JV company platform. We will potentially look to add a few more projects that are in other platforms. In time to come we would like to win close to Rs 30,000 crore of …
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