Sterlite Power, backed by Metals magnate Anil Agarwal’s Vedanta Group, is a leading private sector power transmission infrastructure developer and solutions provider with a strong portfolio of 30 completed projects. Lately, the company has been in the limelight to secure the order for the Rajasthan Phase III (2 OGW), Part F Transmission project. This marked the company’s second venture into a green energy transmission project in Rajasthan. Now, Sterlite Power is in talks with GIC for a $300 million fund infusion. The fund infusion by the company could be a positive sign for its shareholders and investors as it can make an impact on Sterlite Power share price significantly. Let’s talk about everything about Sterlite Power fund infusion with GIC in this blog.
Sterlite Power To Secure $300 Mn Funding From GIC
Sterlite Power, the giant private developer of power transmission lines in India, is in discussion with funds infusion with GIC worth $300 million. Singapore’s Sovereign Wealth Fund GIC (Government of Singapore Investment Corporation) came as a strategic partner for the power transmission business with a $300mn fund infusion in the project. What exactly is the purpose of fund infusion by GIC? “An internal regis is underway at Sterlite Power. The plan is to demerge the solutions business and then list it later on the domestic bourses,” one of the spokespersons of the company said.
Further, the person explained that GIC is not keen on exposure to the solutions business. Once the spin-off is done, GIC plans to invest around $300 million as part of a 51:49 joint venture with Sterlite Power for the power transmission business.
Internal Regis Underway: What Does It Mean For Sterlite Power?
Pratik Agarwal, MD of Sterlite Power, in September 2022, announced that the company had withdrawn its DRPH and deferred its listing plans because of unfavourable market conditions. Under this business solution, Sterlite Power aids power utilities in tackling their network congestion challenges by offering customised solutions for the upgrade of brownfield transmission infrastructure projects.
These strategic solutions aim at enhancing performance in the short and long term through system design, complete engineering procurement, application engineering, commissioning & lifecycle services, construction, and project management. Sterlite Power has a 34000 km + OPGW (optical ground wire) based communication project under live line condition completed and under execution with 108 critical corridors in 15 states.
Apart from these, Sterlite Power is also a top manufacturer of conductors, power cables, and OPGW, supplying all the big states of India and private utilities apart from exporting to 60+ countries. Further, the company has four manufacturing assets in Jharsuguda, Haridwar, and Silvassa. Moreover, Sterlite Power also acts as a provider of connectivity solutions for power and telecom companies in India. The work of the company is to create data networks by leveraging current utility fibre infrastructure through its own or partners’ assets.
GIC Eyeing On Sterlite Power
Sterlite Power Global infrastructure business line bids for constructs, designs, owns, and operates power transmission assets and has operations in India and Brazil. Moreover, the firm has a portfolio of 31 completed, sold, and under-construction projects. This covers about 15,000 circuit kilometres (km) of transmission lines across Brazil and India. As per Crisil’s report, the company has a 31.5 per cent market share through tariff and interstate projects, which were awarded under competitive bidding in India.
Sterlite Power IPO Overview
Sterlite Power Transmission has filed a draft red herring prospectus (DRHP) to release a 1250 crore IPO. As per the company, the issue will be used to repay the debt of the company and its arm, Khargone Transmission Ltd (KTL). However, the company withdrew its DRPH due to unfavourable market conditions. But it’s the right time for investors to buy Sterlite Power unlisted shares before the company goes public; as a potential investor, you can gain a high return on your investment in the future. Also, once the company goes public, it will significantly affect Sterlite Power share price NSE. So, it’s an excellent opportunity for people to invest in Sterlite Power pre-IPO shares.
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