Sterlite Power sells 14.7% stake in IndiGrid at INR 840 crores
– Proud to have played a role in creating India’s first Power Sector InvIT (IndiGrid)
– With the stake sale, Sterlite Power will focus on its core business as asset developer
– Remains committed to executing on the Framework Agreement of INR 6500 Cr with IndiGrid
– Continues to remain as a shareholder in SIML, investment manager of IndiGrid
New Delhi, 14 August 2020: Sterlite Power, a leading global power transmission player, today announced the successful sale of its 14.7% stake in India Grid Trust (IndiGrid) to Institutional and HNI investors. Sterlite Power is the sponsor of IndiGrid, India’s first power sector InvIT, which saw its initial offer in 2017. Sterlite Power has now sold 14.7 per cent stake held by it in IndiGrid with the transaction valued at INR 840 crores at a unit price of INR 98.
Commenting on the transaction, Mr. Pratik Agarwal, Managing Director, Sterlite Power, said, “Sterlite Power is proud to have played a role in creating India’s first power sector InvIT which has grown over the years with participation from marquee investors. We will now focus on our core business as the developer of power transmission assets. Were main committed to executing asset transfers of about INR 6500 crores as per the framework agreement with IndiGrid.”
“We firmly believe that InvITs will remain a powerful platform to meet the large-scale financing requirements of the Infrastructure sector. The global financial markets will remain in yield-seeking mode for a considerable period, and this will provide enough capital supply to well-managed REITs and InvITs”, he further added.
Sterlite Power is the Sponsor of IndiGrid, andcontinues to remain a shareholder of Sterlite Investment Managers (SIML), the investment manager of IndiGrid. Having built a successful platform and completing the required lock-in period, the company will now focus on its core business as a developer of transmission assets in India and Brazil – two of the world’s largest markets for greenfield projects. It enjoys a leading position in both these geographies. Sterlite Power is increasingly focusing on transmission assets designed to evacuate renewable energy, and many of its assets under development connect the national grid to clean and green sources of power.
About Sterlite Power
Sterlite Power is a leading global developer of power transmission infrastructure with projects of over 13,700 circuit kms and 24,800 MVA in India and Brazil. With an industry-leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks. The Company has set new benchmarks in the industry by use of cutting-edge technologies and innovative financing. Sterlite Power is the sponsor of IndiGrid, India’s first power sector Infrastructure Investment Trust (“InvIT”), listed on the BSE and NSE. Sterlite Power has been recognised with prestigious global awards from S&P Global Platts and International Project Management Association (IPMA).
Sterlite Power: email@example.com