Sterlite Grid 32 Ltd (SGL32), a power transmission solutions provider, announced on Monday that it had successfully raised Rs 24.50 billion through listed non-convertible debentures (NCDs) to refinance its Mumbai Urja Marg (MUML) project. The National Bank for Financing Infrastructure and Development (NaBFID) and India Infrastructure Finance Company Limited (IIFCL) were the successful bidders for the NCDs, which are listed on the Bombay Stock Exchange (BSE), according to a company statement. This marks the first listed NCD issuance by Sterlite Grid 32 Ltd since its joint venture with Singapore's GIC. The NCDs have been rated AA+ stable by CRISIL Ratings. In October 2024, the infrastructure division of Sterlite Power Transmission Ltd was demerged to form Sterlite Grid 5 Limited (SGL5). Recently, SGL5 entered into a joint venture with GIC of Singapore, which will now manage all its transmission projects in India via Sterlite Grid 32 Limited. Pratik Agarwal, Director of Sterlite Grid 32 Ltd, stated that the joint venture has now gained access to more robust alternative funding sources. This transaction represents a significant step for the company in diversifying from traditional debt financing sources to capital market debt financing. This landmark transaction showcases our capacity to secure cost-efficient financing while maintaining strong investor confidence, Agarwal added. The joint venture secured the MUML project in June 2020 through tariff-based competitive bidding to execute the green energy corridor project on a Build, Own, Operate, Maintain (BOOM) basis for 35 years.