Mumbai, December 16, 2024 Sterlite Power, a market leader in the power transmission conductors and cables space, has successfully raised INR 725 crore in a primary fundraise round from GEF Capital Partners and ENAM Holdings. As part of Sterlite Power’s demerger exercise, the Global Products and Solutions (GPS) business was hived out and is now an independent company since October 2024. 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 Rs 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.

Sterlite Power over the last three decades, has been delivering modern and dependable power transmission solutions globally. The company offers a wide range of solutions in the conductors and cables segment. The product portfolio has a comprehensive range of products and services such as High-Performance Conductors, Optical Ground Wire and HV/EHV Power Cables. These products are designed to meet the evolving demands of the power sector, facilitating the integration of renewable energy ecosystem, enhancing grid resilience, and reducing the overall transmission losses. Additionally, Sterlite Power provides specialized Engineering, Procurement and Construction (EPC) services that focus on expanding existing transmission capacity through uprate and upgrade by leveraging its expertise in complex product execution to deliver efficient, high quality infrastructure solutions.

Axis Capital was the exclusive financial advisor for this transaction and Khaitan & Co. acted as the legal counsel.

About Sterlite Power Transmission Ltd :

Our Global Products & Services business manufactures and supplies high-performance power conductors, extra-high voltage (EHV), high voltage (HV) and medium voltage (MV) cables and optical ground wires (OPGW), to over seventy countries. The company has proven track record of being a leading cable solution provider with four state-of-the-art manufacturing facilities. GPS also, possesses EPC turnkey capabilities to provide end-to-end integrated cables solutions to its customers. Its specialized EPC vertical provides bespoke solutions for the upgrade, uprate, and fiberization of existing transmission infrastructure projects. Advancing the carriage towards a green energy-efficient future.

About GEF Capital Partners

GEF Capital Partners LLC is a global private equity fund manager focused on making investments in companies that seek to mitigate the adverse effects of climate change and pollution. With operations in India, United States and Brazil, GEF Capital seeks to invest capital in ways that deliver both private equity risk-adjusted returns and positive environmental outcomes. Some of the notable investments of GEF Capital which in the Power and Clean Energy space include Premier Energies Limited, TI Clean Mobility Private Limited, Electrodrive Powertrain Solution Pvt. Ltd, Hero Motors Limited, etc.

About ENAM Holdings

ENAM Holdings is a privately managed principal investment group with a 40-year heritage of investing in the Indian capital markets. Known for its strategic investments and commitment to long term partnerships, ENAM Holdings has built a reputation for supporting high-growth businesses across various sectors.

Media Contact:

Rasika Joshi
Head Marketing Communication
Mobile: +91 9821631379
Email: Rasika.joshi@sterlite.com