Sterlite Power and GIC Forge Joint Venture to Boost India’s Power Transmission Infrastructure

Sterlite Power, a leading entity in India’s private power transmission sector, has teamed up with a GIC affiliate through definitive agreements to launch a new platform aimed at developing and operating power transmission projects across India. In this joint venture, Sterlite Power will hold a 51% majority stake, while GIC will control the remaining 49%. This collaboration is set to kickstart with an ambitious USD 13 billion bid pipeline, underscoring the partnership’s commitment to bolstering India’s power transmission infrastructure to support the country’s renewable energy ambitions.

Pratik Agarwal, Managing Director of Sterlite Power, emphasized the joint venture’s importance in realizing India’s renewable energy goals, which include achieving 500 GW of renewable power. He highlighted the venture’s potential to spearhead India’s transmission sector developments, showcasing global confidence in India’s growth trajectory. On the other side, Ang Eng Seng, GIC’s Chief Investment Officer of Infrastructure, expressed enthusiasm for the partnership, recognizing Sterlite Power’s pivotal role in supporting India’s energy transition. He pointed out the critical role of transmission infrastructure in meeting the surging power demand sustainably with renewable energy sources.

The collaboration is not just a strategic business move but also a sign of international confidence in India’s economic growth and infrastructure development potential, especially in the renewable energy sector. Sterlite Power’s advisory team for this venture included Deutsche Bank, AZB Partners, and Khaitan & Co, while GIC was advised by Avener Capital, Shardul Amarchand Mangaldas & Co., and PWC, marking a significant step towards enhancing India’s power transmission capabilities in line with its renewable energy aspirations.