Vedanta Share: Vedanta made a big announcement, shares will be affected
According to a Bloomberg report, Sterlite Power Transmission Limited (SPTL), a privately owned entity of mining company Vedanta Limited, has transferred three power transmission projects in India to its joint venture with Singapore-based sovereign wealth fund GIC Pte. Three power transmission projects in India are still under development and have been agreed to be transferred to Sterlite Grid 32 Limited Joint Venture.
It has been said in the report that these projects are in Kishtwar, Nangalbibra and Fatehgarh. Last year, SPTL had collaborated with GIC to set up a $1 billion joint venture platform. It was said that the primary objective of this collaboration is to take advantage of the increasing demand for power evacuation networks in India.
Sterlite Power how many projects
According to company details, Sterlite Power, controlled by Anil Aggarwal, has 34,000 km+ OPGW (Optical Ground Wire) based communication projects completed or under execution under live line condition along 108 important corridors in 15 states.
The company is also a leading manufacturer of power cables, conductors and OPGW, which supplies to all major states and private utilities in India, apart from exporting to more than 60 countries. It has manufacturing assets in Silvassa, Jharsuguda and Haridwar.
What does Sterlite Power do?
Sterlite Power’s Global Infrastructure business line bids for, designs and constructs power transmission assets. Currently its operations are in India and Brazil. According to the report, Sterlite Power is the sponsor of India’s first power sector InvIT, India Grid Trust (IndiGrid), which is listed.
Sterlite Power MD Prateek Agarwal is the nephew of Anil Agarwal. In September 2022, the power company announced that it had withdrawn its DRHP and postponed its listing plans due to adverse market conditions.
