Sterlite Power, GIC to form JV

New Delhi: Sterlite Power and global investment firm GIC will set up a joint venture for developing and operating power transmission projects in India, a statement said on Wednesday. The joint venture (JV) will focus on developing and operating power transmission projects in the country. Private power transmission developer Sterlite Power will own the majority 51 per cent stake and GIC will own the remaining 49 per cent shareholding, the statement said. Sterlite Power and an affiliate of GIC have announced the signing of definitive agreements to set up a new platform to develop and operate power transmission projects in India.

This JV signals global confidence in India’s growth vision, Sterlite Power Managing Director Pratik Agarwal said in the statement. “With GIC as our partner, we are poised to play a leading role in India’s transmission sector, starting with the USD 13 billion bid pipeline,” he added. Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC, said India is a key long-term market for GIC given its strong economic fundamentals and favourable demographics, spurring opportunities in many sectors.