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  3. Sterlite Power in talks with GIC for $300 mn fund infusion; weighs deme…

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

4 Aug 2023

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Key Takeaways

The venture may prove advantageous to GIC as  :

  • Sterlite’s Global Infrastructure business manages power transmission assets in India and Brazil

  • With Sterlite’s 31 projects completed or underway, it oversees about 15,000 circuit kilometers of lines.

  • As a result, the joint venture will lead to increased profitability, and mitigation of risks in the solutions business vertical of the company.

The venture may prove advantageous to GIC as  :

  • Sterlite’s Global Infrastructure business manages power transmission assets in India and Brazil

  • With Sterlite’s 31 projects completed or underway, it oversees about 15,000 circuit kilometers of lines.

  • As a result, the joint venture will lead to increased profitability, and mitigation of risks in the solutions business vertical of the company.

Sterlite Electric Unlisted Shares

Sterlite Electric

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Expert Analysis

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

Publisher:Money Control