Vedanta’s Sterlite to transfer three power projects to GIC JV: Report
Sterlite Power Transmission Ltd (SPTL), a privately-held unit of mining company Vedanta Ltd, has transferred three power transmission projects in India to its joint venture with Singapore-based sovereign wealth fund GIC Pte, reported Bloomberg.
The three power transmission projects in India are still under development and the transfer into the Sterlite Grid 32 Ltd joint venture has reportedly been agreed. The projects are in Kishtwar, Nangalbibra and Fatehgarh, the report said.
Last year, SPTL collaborated with GIC to establish a $1-billion joint venture platform. The primary objective of this collaboration is to capitalise on the growing demand for power evacuation networks in India, they said.
