Vedanta’s Sterlite Strengthens Grip on Power Transmission with GIC Partnership

In a move that could reshape the Indian power transmission landscape, Vedanta’s subsidiary, Sterlite Power Transmission Ltd (SPTL), is reportedly transferring three of its power transmission projects to a joint venture (JV) formed with Singapore’s sovereign wealth fund, GIC. This strategic partnership highlights Vedanta’s ambitions in the power transmission sector and GIC’s growing interest in India’s infrastructure development.

As per media reports, Sterlite Power is likely to transfer three under-development power transmission projects to Sterlite Grid 32 Ltd., the JV established with GIC. These projects are located in Kishtwar, Nangalbibra, and Fatehgarh.

SPTL and GIC worked together last year to create a $1 billion joint venture platform. The principal aim of this partnership is to leverage the increasing need for power evacuation networks in India.

The partnership between Vedanta’s Sterlite Power and GIC signifies a significant development in the Indian power transmission sector. This collaboration has the potential to reshape the landscape by bringing together financial muscle, strategic expertise, and a shared vision for growth.

Previously, the global infrastructure business of Sterlite Power bid for the designing, construction, ownership, and operation of power transmission assets.

About Sterlite Power Transmission Ltd

Incorporated in 2015, Sterlite Power is a leading integrated power transmission developer and solutions provider globally, focused on addressing complex challenges in the sector by tackling the key constraints of time, space and capital. The company’s 34,000 km+ OPGW (optical ground wire) -based communication projects under live line conditions are completed or under execution with 108 critical corridors in 15 states. Sterlite Power is the sponsor of India’s first power sector InvIT, India Grid Trust (IndiGrid), which is listed.

About Vedanta Ltd

Vedanta Ltd is involved in exploring, extracting and processing minerals and oil & gas. The group engages in the exploration, production and sale of zinc, lead, silver, copper, aluminium, iron ore and oil & gas. On March 19, 2024, the share price of Vedanta Ltd opened at ₹270.95 and touched the day high of ₹274.75 at 10:45 PM.

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