Sterlite, AMP Capital JV for transmission projects
Global investment manager AMP Capital and Sterlite Power have entered into a 50:50 partnership to develop four transmission projects in the country. Both the companies will invest Rs 1,096 crore each on the development of 1,800 km of power transmission lines.
The partnership can reach an overall investment of Rs 3,652 crore.
The partners may contribute further capital in future to develop new inter-state transmission projects to be tendered by the Indian government, the company said.
Australian-based Amp Capital has infrastructure equity and debt assets worth $21 billion under management. The investment will capitalise the opportunities presented by infrastructure in India and benefit from a policy such as Infrastructure Investments trusts (InvIt) that allows market-driven and transparent exit opportunities for investors of greenfield infrastructure development projects in India.
Pratik Agarwal, Managing Director of Sterlite Power said that the company is happy to partner with AMP Capital as they are like-minded and believe in their core purpose and sustainable development model. Sterlite Power has 13,700 circuit km power transmission infrastructure projects globally.
Sterlite announced a 14.7% stake sale worth Rs 840 crore in India Grid Trust InvIt in August. It also has sold eight assets to IndiGrid of Rs 11,500 crore and plans to transfer Rs 6,500 crore in the current financial year.