Sterlite Power Transmission Ltd (SPTL), which develops power transmission infrastructure in India and abroad, is scouting for an equity investor to raise up to ₹3,000 crore to invest in new projects, said four people aware of the development.
“While no names have been finalized, the company has approached several bulge bracket investors which includes long-term yield focussed funds,” said the first person cited above.
The company is part of Sterlite Group, which has interests in power transmission assets, equipment and engineering procurement construction. In India, it has manufacturing facilities in Silvassa, Dadra and Nagar Haveli.
Sterlite Power has developed a portfolio of power transmission infrastructure of more than 12,816 circuit km so far and operates primarily in India and Brazil. The company is run by Pratik Agarwal, nephew of Vedanta Group founder Anil Agarwal. Sterlite Power has successfully listed its operating assets under IndiGrid, a publicly traded power infrastructure investment trust (InvIT).
Read more: Livemint