Sterlite Power wins third project worth $800 mn in Brazil, beats Power Grid

Sterlite's investment in Brazil has crossed over a $1 billion, the largest ever by an Indian company in Latin America

Marking its presence overseas, Sterlite Power won one of the largest power transmission projects in Brazil worth $800 million. This is the third project that the company has won in the country.

Brazil bid out 1,800-kilometres transmission project through a reverse auction tender. Among other players in the fray were global majors such as State Grid of China, Engie Elecnor and Indian state-owned Power Grid Corporation. 

Sterlite's bid had a discount of 35.72 per cent over the proposed maximum annual revenue and was one of the lowest discounts of the auction, which had an average discount of 40.46 per cent,