Electricity company Sterlite Power has established a 50:50 partnership with global investment manager AMP Capital to develop transmission projects in India.
Both will together develop four transmission projects.
About Company
Sterlite Power
Sterlite Power is a leading developer of power transmission infrastructure.
Globally, Sterlite has developed power transmission infrastructure projects of over 13,700 circuit km.
In August, Sterlite had announced the sale of its 14.7% stake in India Grid Trust InvIt for Rs 840 crore.
Sterlite Power had sold eight assets worth about Rs 11,500 crore to IndiGrid.
Another Rs 6,500 crore is likely to be transferred in the current financial year.
AMP Capital
AMP Capital is a large global investment manager headquartered in Sydney, Australia.
Its majority shareholder is AMP Group, which was established in 1849, and is one of Australia’s largest retail and corporate pension providers.
Early this year, AMP Capital had raised $3.4 billion for a new global infrastructure fund.
Investment
The both the companies AMP Capital and Sterlite Power will invest $150 million of equal amount on the development of 1,800 km of transmission lines.
The partners may in the future contribute further capital for new inter-state transmission projects with a potential to reach an overall investment size of $500 million.
Comment from Sterlite Power
Pratik Agarwal, Managing Director, “We are happy to have like-minded partners like AMP Capital who believe in our core purpose and in our model of sustainable development.”
Comment from AMP Capital
Sharat Goyal, “This investment capitalises on the opportunity presented by the Indian infrastructure sector at this time, as well as benefitting from policy initiatives like infrastructure investment trusts (InvIt) which have created transparent, market-driven exit opportunities for investors willing to invest capital in the development of greenfield infrastructure projects in India.”
Press the Bell Icon for notifications of all updates
