Sterlite Power has acquired the 28.4% stake in its transmission infrastructure business, which it did own previously, from Standard Chartered Private Equity (SCPE) for a sum of INR1,1010crore ($158.6m).
With this acquisition, Sterlite Power holds 100% stake in the business. Sterlite Power had attracted an investment of INR 500 Cr in 2014 from SCPE which was the first private foreign investment in the Indian transmission sector. Over the last three years, Sterlite Power has grown its portfolio from three projects in India to fifteen projects across India and Brazil, and now has a footprint in 26 states across two continents.
Sterlite Power Group CEO Pratik Agarwal said: "We thank the SCPE team for putting their faith in us and are proud to have delivered an attractive return on their capital. With this acquisition, we reiterate our excitement about the unprecedented growth opportunity in the power transmission sector. Our track record and superior execution capabilities position us well to capitalize on this opportunity.”
Standard Chartered Private Equity India managing director Udai Dhawan said: "We would like to congratulate Sterlite for building an excellent global platform for power transmission business.
“We had a great relationship with Sterlite during this growth journey and are impressed with the company's high-quality management team, excellent execution capabilities and commendable corporate governance track record. We wish Sterlite continued success in their growth ambition."
the Government of the Philippines’ Energy Plan and supports ADB’s increasing focus on environmentally sustainable infrastructure and private sector participation.
The Philippines is a founding member of ADB and is host to the bank’s headquarters since it was set up in 1966. ADB has provided $18.3 billion in total loan assistance to the Philippines, comprising $17.2 billion for the public sector and $1.1 billion for the private sector. ADB has also been supporting the country through knowledge work, with $357.1 million in total approved technical assistance and grants.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members—48 from the region.