Sterlite Power Transmission Ltd. (SPTL) has announced the demerger of its Power Transmission Infrastructure business. This information was given by the company in its press release dated 3rd November 2023.
Power transmission infrastructure business of Sterlite Power includes transmission assets in India and Brazil, which will now be transferred to Sterlite Grid 5 Ltd. (SGL 5), a subsidiary of SPTL.
Howerver, SPTL will retain its Global Products & Specialised EPC Services business and Convergence – Fiberco business. Existing stockholders of SPTL will get one additional share of SGL 5 for each share of Sterlite Power held.
Sterlite Power further stated that the demerger scheme has been filed with National Company Law Tribunal (NCLT) and approval process is expected to take about 6 to 8 months.