Sterlite Power has acquired the remaining stake it already doesn’t own in its transmission infrastructure business from Standard Chartered Private Equity. As a result of the transaction. Sterlite Power now completely owns this business.
MUMBAI, India, January 30, 2018 /PRNewswire/ —
Highest absolute return in the Power and Utilities sector in India
Standard Chartered set to make 2x returns in a short span of 3.5 years
Sterlite Power has acquired the 28.4% stake in its transmission infrastructure business from Standard Chartered Private Equity (SCPE). With this acquisition, Sterlite Power holds 100% stake in the business. Sterlite Power had attracted an investment of INR 500 Cr in 2014 from SCPE which was the first private foreign investment in the Indian transmission sector. Over the last three years, Sterlite Power has grown its portfolio from three projects in India to fifteen projects across India and Brazil, and now has a footprint in 26 states across two continents.
“We thank the SCPE team for putting their faith in us and are proud to have delivered an attractive return on their capital. With this acquisition, we reiterate our excitement about the unprecedented growth opportunity in the power transmission sector. Our track record and superior execution capabilities position us well to capitalize on this opportunity,” said Pratik Agarwal – Group CEO, Sterlite Power.
Commenting on the successful investment, Udai Dhawan, Managing Director – Standard Chartered Private Equity, India, said: “We would like to congratulate Sterlite for building an excellent global platform for power transmission business. We had a great relationship with Sterlite during this growth journey and are impressed with the company’s high-quality management team, excellent execution capabilities and commendable corporate governance track record. We wish Sterlite continued success in their growth ambition.”
About Sterlite Power
Sterlite Power is a leading global developer of power transmission infrastructure with projects of over 10,000 circuit kms and 15,000 MVA in India and Brazil. With an industry-leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks. The Company has set new benchmarks in the industry by use of cutting-edge technologies and innovative financing. Sterlite Power is also the sponsor of IndiGrid, India’s first power sector Infrastructure Investment Trust (“InvIT”), listed on the BSE and NSE.