Singapore’s GIC and Sterlite Form JV to Expand India’s Power Transmission Network

Sterlite Power will have a 51% stake in the joint venture, with GIC holding the remaining 49%.

April 1, 2024


In a bid to expand India’s power transmission network, Sterlite Power, a transmission developer, and Singapore-based GIC, an investment firm, have announced the creation of a joint venture (JV).

The JV will focus on developing and operating power transmission projects across the country to meet the rapidly growing demand for energy evacuation.

Under the agreement, Sterlite Power will hold a 51% majority stake in the new company, while GIC will own the remaining 49%.

The agreement comes at a time when India is aggressively pursuing its clean energy transition goals. Expanding the transmission network is crucial to integrating more renewable energy sources into the grid and ensuring reliable power delivery.

According to the press release, the new platform will contribute towards India’s announcement of over $13 billion in capital expenditure for new transmission projects.

“India’s renewable vision calls for investments in transmission to unlock the full potential of 500 GW of renewable power. With GIC as our partner, we are poised to play a leading role in India’s transmission sector, starting with the $13 billion bid pipeline,” said Pratik Agarwal, Managing Director of Sterlite Power.

Last year, in an interview with Mercom, Sterlite Power CEO of Infrastructure Business, Arun Sharma had said that the Indian government has planned to build transmission infrastructure, estimated to cost ₹2.44 trillion (~$29.3 billion), which will involve the construction of 50,890 circuit km of transmission lines and 4,33,575 MVA of substation capacity.

At the time, the company had a portfolio of 32 completed, sold, and under-construction projects covering 15,350 circuit km of transmission lines across India and Brazil. Out of a total portfolio of 11,000 circuit km of transmission lines across India, 8,400 circuit km of transmission lines were commissioned.

In November last year, the company won the order for Phase-IV (Part-1-Bikaner Complex): Part-B Transmission project to evacuate 8 GW of renewable energy in Rajasthan.