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Sterlite Power and GIC to Set up JV for Transmission Projects

Sterlite Power Transmission Ltd. (SPTL) and Singapore’s sovereign fund GIC will set up a Joint Venture (JV) for development of transmission projects in India. This information was shared by Sterlite Power in its press release dated 27th March 2024.

Sterlite Power Transmission and GIC’s upcoming JV will develop and operate power transmission projects in India. Sterlite Power will own the majority 51% stake while GIC will hold the remaining 49% in the JV. Interestingly, GIC has funded various projects in India, and is a 52% shareholder in Greenko, which is a Hyderabad-based clean energy developer.

Commenting on this partnership, Mr. Pratik Agarwal, Managing Director of Sterlite Power, said, “With GIC as our partner, we are poised to play a leading role in India’s transmission sector…We stay committed to building world class assets and empowering humanity by addressing the toughest challenges of clean energy delivery”.

Mr. Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC, said, “We believe transmission infrastructure will play a crucial role in facilitating the growth of renewable energy supply to sustainably meet the increasing power demand in the country”.