Sterlite Technologies, a leading global provider of transmission solutions for the telecom and power industries, has entered into agreement with Standard Chartered Private Equity for an equity investment of Rs 500 crore in Sterlite Power Grid Ventures (SPGVL).
SPGVL, a subsidiary of Sterlite Technologies, focused on the development and operations of power transmission projects, will issue convertible securities to Standard Chartered Private Equity for a minority share. The proceeds will be used for equity contribution in existing as well as new power transmission projects. While there have been many foreign investments in the power generation sector, this would be the first foreign investment into India’s power transmission sector.
SPGVL is the largest private developer of power transmission systems in the country with a portfolio of six projects on Build, Own, Operate and Maintain (BOOM) basis spread across 10 states. The first three projects, with over 2,000 Km of transmission lines and two 765/400 KV substations are in final stage of completion, while the next 3 projects will start operating sequentially from FY17.
Sterlite Technologies develops & delivers products, solutions and infrastructure for telecom & power transmission networks, globally.
