CIN : U33120PN2014PLC172393 Regd. Office : 4th Floor, Godrej Millennium 9 Koregaon Road, Pune, Maharashtra 411001 Corporate Office : F-1 Mira Corporate Suits, Ishwar Nagar, New Delhi 110065,India. CIN U40104PN2010PLC135953 Phone : +91.11.49962200 | Fax : +91.11.49962288
Sterlite Power Grid Ventures Limited (“SPGVL”) incorporated as a public limited Company vide Certificate of Incorporation dated June 03, 2014, is one of the leading independent power transmission companies operating in the private sector.
As of March 31, 2017, the Company owned 11 inter-state power transmission projects with a total network of 30 power transmission lines of approximately 7,733 ckms and nine substations having 13,890 MVA of transformation capacity. Some of these projects have been fully commissioned, while others are at different stages of development.
The Company generated total revenues of Rs. 5.06 billion in fiscal 2016 and had total assets of Rs. 66.27 billion as at March 31, 2016.
Sterlite Technologies Limited (STL), the erstwhile promoter of SPGVL, entered into the business of power transmission by bidding for its first project, East North Interconnection Company Limited, awarded by Power Finance Corporation Limited in 2010. STL has been operating with the objective to plan, promote and develop an integrated and efficient power transmission system network in all aspects including planning, investigation, research, designing, engineering, construction, operation and maintenance of transmission lines and sub-stations in accordance with the policies and guidelines laid down by the Central Government from time to time.
After the accumulation of number of projects in the group and in-order to restructure the transmission business of STL, SPGVL was incorporated. All the entities won through bidding process were transferred to the relevant subsidiaries of the Company with an objective to set up and develop separate, systematic, efficient, economical, and organized line of business of STL to solely operate in development of power transmission network in the different parts of India.
On May 18, 2015 the board of directors of STL and Sterlite Power Transmission Limited (SPTL) approved a Scheme of Arrangement between STL, SPTL and their respective shareholders and creditors (“Scheme”). In accordance with the Scheme, the power products and transmission grid business of STL were demerged pursuant to provisions of Sections 391 to 394 of the Companies Act, 1956 read with Sections 100 to103 of the Companies Act, 1956 and Section 52 of the Companies Act, 2013, and other applicable provisions of the Companies Act. The High Court of Bombay approved the Scheme through order dated April 22, 2016. The effective date of the Scheme was May 23, 2016. Accordingly, SPTL holds approximately 72% of the issued and paid-up equity share capital of SPGVL on a fully diluted basis.
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DEFAULT BY ISSUER TO PAY INTEREST ON OR REDEMPTION AMOUNT: Nil
FAILURE TO CREATE A CHARGE ON THE ASSETS: Nil (Register of Charges Attached)
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