At present, SPTL is demerging its operations into two businesses. One part will house the infrastructure division that develops and operates power transmission assets on a build-operate-transfer (BOT) basis.
GIC will be deploying $500 million in the infrastructure business for a 49% stake. The investment will take place in tranches, with an initial $100 million and $400 million to come in over the next two to three years on a need-to-draw down basis. This will be linked to Sterlite Power winning transmission project tenders and planned capex.
Sterlite Power Transmission (SPTL), a privately held Vedanta Group company, is joining hands with Singapores sovereign wealth fund, GIC, to create a $1-billion joint venture platform to tap the growing demand for power evacuation networks in the country on the back of the renewable energy boom, multiple people aware of the plans told ET.
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