GIC and Sterlite Power for JV for power transmission platform in India

Sterlite will have a 51% stake, whilst GIC will hold 49% interest.

Singapore-based global investment firm GIC and private power transmission developer Sterlite Power formed a joint venture (JV) to establish a power transmission platform in India.

In a joint statement, the companies said Sterlite Power will hold a 51% stake in the platform that will develop and operate power transmission projects in India, whilst GIC will hold the remaining 49% stake.

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Sterlite Power Managing Director Pratik Agarwal said the investment in India’s transmission lines will support unlocking the country’s 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 $13b bid pipeline,” Agarwal said.