Sterlite Power Raises INR 725 Cr in Primary Fundraise Round from GEF Capital Partners and ENAM
The funds will be used for the ongoing capex expansion and drive strategic growth initiatives by enhancing production capabilities, accelerating new product development, and expanding presence across key international markets.
December 17, 2024. By News Bureau
This is the first fundraise for the products and solutions business since its inception. The funds will be used for the ongoing capex expansion and drive strategic growth initiatives by enhancing production capabilities, accelerating new product development, and expanding presence across key international markets.
The GPS business has sustained its growth trajectory, securing orders worth INR 2,715 crores in H1 FY25. As of November end, the open Orderbook of the GPS business stood at INR 6700 Crs. This underscores Sterlite Power’s robust market position in both domestic and international market segments.
Pratik Agarwal, Managing Director, Sterlite Power Transmission Limited, said, “Securing this funding marks a significant milestone for Sterlite Power’s GPS business. This investment will significantly bolster our ability to deliver cutting-edge solutions and advanced technology to the market. With this fund raise, we will be better equipped to deliver innovative, reliable power solutions that support the energy transition and meet the growing demand for clean energy across India and the world.”
On the investment in Sterlite Power, Alipt Sharma, Partner at GEF Capital Partners LLC, said, " Decarbonizing transmission networks is a key part of the transition to a low-carbon economy. Further, the growth of renewable energy necessitates modernization and upgradation of transmission networks. We are excited to partner with Sterlite Power and support their portfolio of efficient and reliable products that will catalyse efficiency in power transmission.”
Sterlite Power Transmission (SPTL) has formally demerged into two companies. The demerged company viz., SPTL will now house the power capital goods business, comprising of cables, conductors, and specialized services. The resulting entity Sterlite Grid 5 Limited (SGL5) will house the transmission concessions business. Each shareholder of SPTL has received shares of SGL5 in the ratio of 1:1. This pivotal decision marks a significant milestone for our organization as we position ourselves for focused growth across two distinct business verticals.
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