Sterlite, GIC Enter JV To Create Power Transmission Platform In India

Sterlite, GIC Enter JV To Create Power Transmission Platform In India

Sterlite Power and Singapore based GIC announced a joint venture to create a power transmission platform in India. Sterlite Power, a private power transmission developer, and an affiliate of GIC entered into a definitive agreement signing.

Their agreement was undertaken to set up a new platform to develop and operate power transmission projects in India. Sterlite Power will own the majority stake of 51% and GIC will own the remaining 49% stake. Commenting on the joint venture (JV), Pratik Agarwal, Managing Director, of Sterlite Power, said, “India’s renewable vision calls for investments in transmission to unlock the full potential of 500 GW of renewable power.

This joint venture signals global confidence in India’s growth vision. 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. We stay committed to building world-class assets and empowering humanity by addressing the toughest challenges of clean energy delivery.”

Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC, said, “We are pleased to partner with Sterlite Power, a leading transmission infrastructure developer and operator, to support India’s energy transition ambitions. We believe transmission infrastructure will play a crucial role in facilitating the growth of renewable energy supply to sustainably meet the increasing power demand in the country. India is a key long-term market for GIC given its strong economic fundamentals and favorable demographics, which are spurring opportunities in many sectors including infrastructure development.”