Sterlite Power acquires 28.5% stake for Rs 10.1 bn from SCPE
Sterlite Power Transmission Limited has acquired 28.5% in Sterlite Power Grid Ventures Limited (SPGVL) by Standard Chartered Bank, through three FVCI entities, i.e., Standard Chartered Financial Holdings (“SCFH”), Standard Chartered Private Equity Korea III Holdings Limited and Marina Hari (IV) Pte Limited collectively for about Rs 10.1 billion.The deal was completed on January 22,...
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Sterlite Power Transmission Limited has acquired 28.5% in Sterlite Power Grid Ventures Limited (SPGVL) by Standard Chartered Bank, through three FVCI entities, i.e., Standard Chartered Financial Holdings (“SCFH”), Standard Chartered Private Equity Korea III Holdings Limited and Marina Hari (IV) Pte Limited collectively for about Rs 10.1 billion.
The deal was completed on January 22, 2018. “With this acquisition, Sterlite Power holds 100% stake in the business. Sterlite Power had attracted an investment of Rs500 crore in 2014 from SCPE, which was the first private foreign investment in the Indian transmission sector,” Sterlite Power said in a statement.
"With this acquisition, we reiterate our excitement about the unprecedented growth opportunity in the power transmission sector. Our track record and superior execution capabilities position us well to capitalize on this opportunity," said Pratik Agarwal - Group CEO, Sterlite Power, in a public announcement.
AZB & Partners team led by Partners Darshika Kothari and Vaidhyanadhan Iyer, Senior Associate Medha Marathe and Associates Nayan Banerjee and Kopal Sharraf acted for Standard Chartered Bank.
Sterlite Power is a global developer of power transmission infrastructure with projects of over 10,000 circuit kms and 15,000 MVA in India and Brazil.
