Sterlite Power in talks with GIC for $300 mn fund infusion; weighs demerger of solutions biz

Backed by Vedanta Group's Anil Agarwal, Sterlite Power, a leading manufacturer of power cables, is restructuring to unlock value. 

Justification

• Plans to demerge its solutions business & list it domestically post-spin-off, and partner with Singapore's sovereign wealth fund GIC for the power transmission business.

• In the solutions business, Sterlite tackles client network congestion.

• GIC plans to invest 300 million as part of a 51:49 joint venture.

• As per the reports, Avendus Capital advises Sterlite Power on the deal, with Deutsche Bank assisting in GIC funding