Sterlite Electric Unlisted Shares
Sterlite Power in talks with GIC for $300 mn fund infusion; weighs demerger of solutions biz
Money Control
2 min read
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
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.
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