Sterlite Power and GIC Announce Joint Venture to Create Power Transmission Platform in India

Sterlite Power, a leading private power transmission developer, and an affiliate of GIC has announced the signing of definitive agreements to set up a new platform to develop and operate power transmission projects in India. Sterlite Power will own the majority stake of 51% and GIC will own the remaining 49% stake.

The JV platform will be in a good position to take advantage of the new prospects brought about by the Government of India's announcement that it will require over USD 13.0 billion in CAPEX.

Commenting on the JV, Mr. Pratik Agarwal, Managing Director, Sterlite Power, said “India’s renewable vision calls for investments in transmission to unlock the full potential of 500 GW of renewable power. This joint venture signals global confidence in India’s growth vision. With GIC as our partner, we are poised to play a leading role in India’s transmission sector, starting with the USD 13 billion bid pipeline. We stay committed to building world class assets and empowering humanity by addressing the toughest challenges of clean energy delivery.”

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Khaitan & Co., AZB Partners, and Deutsche Bank provided advice to Sterlite Power. Avener Capital, Shardul Amarchand Mangaldas & Co., and PWC provided advice to GIC.

Mr Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC, said, “We are pleased to partner with Sterlite Power, a leading transmission infrastructure developer and operator, to support India’s energy transition ambitions. We believe transmission infrastructure will play a crucial role in facilitating the growth of renewable energy supply to sustainably meet the increasing power demand in the country. India is a key long-term market for GIC given its strong economic fundamentals and favourable demographics, which are spurring opportunities in many sectors including infrastructure development.”

About Sterlite Power

Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with a robust portfolio of 33 completed, sold and under construction projects covering approximately 15,350 circuit Kms of transmission lines across India and Brazil. 

About GIC

GIC is a leading global investment firm established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, they take a long-term, disciplined approach to investing, and are uniquely positioned across a wide range of asset classes and active strategies globally.

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