Vedanta Group s Sterlite Power Transmission Ltd (SPTL) and Singapore s sovereign wealth fund GIC are forming a $1 billion platform for India s power transmission sector. GIC will invest $500 million for a 49% stake, and Sterlite Power will match the amount for a 51% stake. The JV will initially include five under-construction projects, with plans to expand. Sterlite Power will transfer four operational assets worth about ₹7,500 crores into the JV. This investment aims to support India s goal of increasing renewable energy usage and upgrading the national transmission grid.
This comes against the backdrop of India trying to curb the use of Chinese power equipment, given the cyberattacks on its grid, including from Red Echo, a Chinese state-sponsored group.
Sterlite Power partners Vinci Energia to buy Vineyards Project
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Last Updated: Apr 15, 2021, 02:04 PM IST
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The investment amount can be converted into shares with an 80 per cent purchase option when the project is complete this year. The remaining 20 per cent can be purchased within 190 days.
PTI
Sterlite Power on Thursday said it has partnered with Vinci Energia in the power transmission sector to buy Vineyards Project. Sterlite Power and Vinci Energia (VIGT11), through Vinci Infraestrutura Gestora de Recursos LTDA, announced the formalisation of the commitment of first acquisition of issuance of debentures convertible into shares for the Vineyards Project that is in the final phase of implementation, a Sterlite Power statement said.