ALSO READTransmission sector most attractive infra investment, highways next: Crisil Reliance Infra completes sale of transmission assets to Adani Transmission Power sector's first InvIT IndiGrid acquires 3 more projects at Rs 1,490 cr Power transmission projects hit by delays, red tape Power transmission to catalyse climate change goals
Transmission infrastructure developer Sterlite Power on Monday said the company bought back a 28.4 per cent stake from Standard Chartered private equity (SCPE) in its transmission infrastructure business. With the Rs 10.10 billion worth transaction, Sterlite will now own 100 per cent stake in this business. "Sterlite Power had attracted an investment of Rs 5 billion in 2014 from SCPE, which was the first private foreign investment in the Indian transmission sector," the company said in a media statement. Valued at Rs 10.10 billion, the exit will help SCPE double the investment it made in 2014.Sterlite Power has power transmission infrastructure projects of over 10,000 circuit kilometres and 15,000 MVA in India and Brazil. "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 capitalise on this opportunity," said Pratik Agarwal, chief executive officer of Sterlite Power. With the government's focus to ensure power for all by 2019, the country's power transmission sector is witnessing a huge impetus. The past two years have witnessed a significant amount of deal activity with companies like Adani Transmission investing in transmission assets. While the power generation sector struggles with low demand and high fuel costs, the transmission sector has emerged as a source of stable and assured returns.