Sterlite Power has acquired the 28.4 percent stake in its transmission infrastructure business from Standard Chartered Private Equity (SCPE) for Rs 1,010 crore.
Sterlite Power now holds 100 percent equity stake in the business following the acquisition. SCPE invested Rs 500 crore in Sterlite Power in 2014 — the first private foreign investment in the Indian transmission sector.
Sterlite Power has grown its portfolio from 3 projects in India to 15 projects across India and Brazil over the last three years.
“With this acquisition, we reiterate our excitement about the growth opportunity in the power transmission sector. Our track record and superior execution capabilities position us well to capitalize on this opportunity,” said Pratik Agarwal, group CEO of Sterlite Power.
Sterlite Power develops power transmission infrastructure with projects of over 10,000 circuit kms and 15,000 MVA in India and Brazil. Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks.