Sterlite Power and GIC Join Hands to Boost Power Transmission in India
Sterlite Power and GIC Join Hands to Boost Power Transmission in India

In a significant move, Sterlite Power, a prominent player in the power transmission sector, and GIC, a global investment firm, have decided to team up to develop and operate power transmission projects in India. This joint venture (JV) aims to focus on enhancing the power transmission infrastructure across the country.

Under the agreement, Sterlite Power will hold the majority stake of 51%, while GIC will possess the remaining 49% share. The partnership involves the establishment of a new platform dedicated to the development and operation of power transmission projects in India.

Expressing confidence in India's growth trajectory, Pratik Agarwal, Managing Director of Sterlite Power, emphasized the significance of the partnership with GIC. He stated, "With GIC as our partner, we are well-positioned to take a leading role in India's transmission sector, especially with our substantial USD 13 billion bid pipeline."

Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC, highlighted India's appeal as a long-term market due to its robust economic fundamentals and favorable demographics. He noted that India offers ample opportunities across various sectors, including infrastructure development.

Sterlite Power boasts a commendable track record as a private sector power transmission infrastructure developer, having successfully completed, sold, or undertaken construction for 33 projects. These projects span approximately 15,350 circuit kilometers of transmission lines, covering regions in both India and Brazil.

This collaboration between Sterlite Power and GIC is anticipated to further bolster India's power transmission network, facilitating the country's energy needs and supporting its developmental goals.

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