Sterlite Power buys SCPE out of transmission biz Rs 1,010 cr

NEW DELHI: Sterlite Power has bought out Standard Chartered Private Equity’s (SCPE) 28.4% holding in its transmission business for Rs 1,010 crore, wrenching 100% control, the company said in a statement on Monday.
SCPE had become the first private foreign investor in India’s transmission sector in 2014, pumping Rs 500 crore into Sterlite’s transmission business.
Over the last three years, Sterlite Power has expanded its portfolio from three projects in India to 15 projects across the country and Brazil. The company now has a footprint across 26 states, the company said.
Sterlite Power is a global developer of power transmission infrastructure, with projects of over 10,000 kms of transmission lines and 15,000 MW (mega watt) capacity in India and Brazil.
The company also has a portfolio of power conductors and extra-high voltage cables for upgrading, uprating and strengthening existing networks. It is also the sponsor of IndiGrid, the country's first power sector Infrastructure Investment Trust (InvIT), listed on the BSE and NSE.