Sterlite bags PFC's transmission project

Sterlite Technologies today said it has bagged a mega transmission project, costing about Rs 800 crore, from the state-run Power Finance Corporation (PFC).

The company has been awarded the letter of intent by PFC for its East-North interconnection mega transmission project, the transmission solutions provider said in a statement to the National Stock Exchange (NSE).

The project, costing nearly Rs 800 crore, was won by the company on the basis of its technical and financial credentials through a tariff based bidding process conducted by PFC, Sterlite Technologies said.

The project has been awarded to Sterlite on a build, own, operate and maintain basis, wherein the transmission lines would be commissioned within three years and the company would operate and maintain the same for a minimum tenure of 22 years thereafter, it said.

The East-North interconnection mega transmission project, which aims to evacuate power from the North-East and Eastern states to the Northern region in the country, is the first mega independent power transmission project to the awarded in India.

"The award of this project provides great scope to diversify into the growing sector of power transmission with many similar opportunity available in future," Sterlite Tech's CEO and Director Anand Agarwal said.

Shares of Sterlite Tech were quoting at Rs 395, up 0.27 per cent in the late afternoon trade on the NSE.