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Sterlite Power Grid Ventures To Raise Funds From StanC PE

July 8, 2014

Sterlite Power Grid Ventures Limited is raising INR 5,000 Mn from Standard Chartered Private Equity Advisory (India) Private Limited by issuing convertible securities to the investor for a minority share.

The proceeds from the first foreign investment in the transmission sector will be used for equity contribution in existing as well as new power transmission projects.

Sterlite Power Grid Ventures, the subsidiary of Pune-based @Sterlite_Technologies claims to be the largest private developer of power transmission systems in the country. Its portfolio consists of six projects on build, own, operate and maintain (BOOM) basis spread across 10 states, of which first three projects, with over 2,000 kms of transmission lines, and two 765/400 KV substations are in the final stage of completion, while the next three projects will start operating sequentially from FY17.

Sterlite Technologies has put in about INR 11 Bn.

Sterlite Technologies Limited (STL) develops and delivers products, solutions and infrastructure for telecom and power transmission networks, globally.

STL's business areas spans across of optical fiber, fiber optic cables, power conductors and HV/EHV power cables through its operations in India, China and Brazil.

Standard Chartered Private Equity was established in 2002 as the principal investment platform of Standard Chartered Bank and has since invested more than $5 Bn in over 100 companies across Asia, Africa and the Middle East.

Recently Inter-state and inter-regional transmission utility, Power Grid Corporation of India Limited has raised $20.4 Mn (c.INR120 Mn) in equity from the International Finance Corporation to fund its ongoing capex plans for FY 13-17.

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Source: DealCurry (India)

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