Sterlite Power raises Rs 725 crore to fuel GPS business expansion
Leading power transmission player Sterlite Power on Thursday announced raising Rs 725 crore for its global products and services (GPS) business from GEF Capital Partners and ENAM Holdings. Sterlite hived off its GPS business in October this year, which marks the first fundraiser for the new business.
The GPS business currently has an open order book of Rs 6,612 crore. The company said it has secured orders worth Rs 2,715 crore during H1FY25.
Speaking with Business Standard, Pratik Agarwal, managing director, Sterlite Power Transmission Limited said, the fund would be a catalyst for the planned Rs 400 crore expansion plan of the GPS business and invest a portion in the working capital.
He explained that the company is looking to cater to the growing demand in the power equipment industry.
“On the back of global decarbonisation wave, rapid electrification and green energy growth, many products are experiencing an unprecedented demand with supply struggling to catch up. Sterlite Power has been in this business more than 40 years and have always been the leader in cables and conductors. If you combine conductors and extra high voltage cables, we supply to more than 40 countries. The market is growing at low double digits and we plan to grow at about 15 to 20 per cent over the next two to five years,” Agarwal said.
