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Vedanta-owned Sterlite Power raises ₹725 crore from private equity investors to fuel expansion plans | Company Business News
Livemint
·
7m ago
Medial
Sterlite Power, owned by Vedanta Ltd, has raised INR 725 crore from foreign and domestic investors to support its expansion plans. The funds will be used to enhance production capacity, develop new products, and expand internationally. US-based GEF Capital Partners and Mumbai-based ENAM Holdings participated in the fundraise. Sterlite Power aims to deliver reliable power solutions that contribute to India's energy transition and support the growth of renewable energy. This is the first fundraising for the company since its demerger in 2024.
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GEF Capital Partners leads funding round in Vedanta Group firm
VCCircle
·
7m ago
Medial
GEF Capital Partners, a climate-focused private equity firm, has led a funding round in Sterlite Power Transmission Ltd's Global Products and Solutions (GPS) unit. The unit raised Rs 725 crore in primary funding from GEF and Enam Holding. Sterlite Power, part of Vedanta Group, stated that the GPS business has a strong order book of Rs 6,700 crore and has secured orders worth Rs 2,715 crore in the first half of the financial year. The funding will help Sterlite Power deliver innovative power solutions to support the energy transition. GEF is currently raising a new India-focused clean energy fund.
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IndiGrid backer GIC teams up with Sterlite for another power transmission platform
VCCircle
·
1y ago
Medial
Singapore's sovereign wealth fund, GIC, and Vedanta Group's Sterlite Power have formed a joint venture to develop and operate power transmission projects in India. Sterlite will hold a 51% stake in the platform, with GIC owning the remaining 49%. The partnership aims to play a leading role in India's transmission sector, starting with a $13bn bid pipeline. GIC has been actively investing in Indian infrastructure, with previous deals including collaborations with Genus Power and ESR. Sterlite Power is a private sector power transmission infrastructure developer with a portfolio covering over 15,350 circuit km of transmission lines in India and Brazil.
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Sterlite Power unit’s CEO Manish Agarwal quits
Livemint
·
1y ago
Medial
Manish Agarwal, the CEO of Sterlite Power Transmission Ltd (STPL), has resigned as the company prepares for its IPO. The exit of Agarwal, who has 25 years of experience in the energy infrastructure sector, was announced in an internal email by Sterlite Power MD Pratik Agarwal. Saikrishna Bendapudi, senior director and business head of overhead products, will serve as the interim CEO. Sterlite Power is currently awaiting approval from the NCLT for the demerger of its transmission business.
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Grapevine: KKR, JB Pharma, ONGC, Peak XV-backed Capillary, and Pernia in news
VCCircle
·
9m ago
Medial
KKR & Co. is exploring alternative monetization options after failing to reach a deal with private equity firms for the sale of its stake in JB Chemicals & Pharmaceuticals. Meanwhile, ONGC is considering a partnership with another state-owned unit to acquire Ayana Renewable Power. Additionally, Capillary, backed by Peak XV, and Pernia are also making headlines in the industry.
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Delhi HC to decide on taxability of corporate guarantees
Livemint
·
1y ago
Medial
The Delhi High Court is set to rule on whether corporate guarantees provided by holding companies on behalf of their subsidiaries are taxable under the Central Goods & Service Tax Act. The case, brought by Sterlite Power Transmission, challenges the taxation of corporate guarantees and the valuation criteria set by the finance ministry. The court has granted relief to Sterlite Power Transmission, halting tax authorities from taking action until a judgment is passed. Corporate guarantees, a common business practice where a parent company guarantees the debt of a subsidiary, have resulted in tax demand notices being sent to Indian companies.
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Serentica mulls stake sale; Pine Labs, Zepto may shift HQ to India
VCCircle
·
1y ago
Medial
Serentica Renewables, backed by Sterlite Power, is considering selling a minority stake to raise around $300 million for its expansion. Pine Labs and Zepto may also be shifting their headquarters to India. These plans are still in the early stages, with Serentica Renewables expected to appoint a banker to oversee the stake sale process.
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$1 billion boarding pass? Adani Airport may raise equity from international investors as it charts expansion route
Economic Times
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1m ago
Medial
Adani Airport Holdings Ltd (AAHL) is considering raising $1 billion in equity from international investors to fuel expansion, according to Adani Group CFO Jugeshinder Singh. Valued at around $20 billion, AAHL is India's largest private airport operator, managing airports including Mumbai, Ahmedabad, and upcoming Navi Mumbai. The company is open to acquisitions, both domestic and international, particularly in cities with significant Indian diaspora. The airport business may be spun off as a separate subsidiary in the next few years.
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Flipkart-Owned Cleartrip Enters Corporate Travel Space With Out Of Office Launch
Inc42
·
1y ago
Medial
Cleartrip, the online travel aggregator owned by Flipkart, has launched a new product called "Out of Office" (OOO), marking its entry into the corporate travel sector. OOO is a corporate travel booking tool designed for small, medium, and large enterprises. It aims to provide an end-to-end travel experience, user-friendly interface, policy adherence, and cost-effectiveness. Cleartrip claims to handle a monthly business volume of INR 20 Cr and has 300 SMEs and 10 large corporations as active users. The platform's early adopters include The Federal Bank, Sify Technologies, MGM Healthcare, Sterlite Power Transmission Ltd, and ACC Limited.
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Ethos PE-controlled logistics major RTT sells non-core business
VCCircle
·
1y ago
Medial
RTT Group, a South African transportation and logistics company owned by Ethos Private Equity, is reportedly selling a portion of its non-core business to a local supply chain services provider. This move is part of Ethos' strategy to streamline its operations and focus on its core business activities. Ethos Private Equity is controlled by US-based asset management firm The Rohatyn Group (TRG).
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Vedanta to raise $470 million from Power Finance Corp for energy business
Livemint
·
1y ago
Medial
Vedanta Ltd has secured a loan facility of ₹3,900-4,000 crore from Power Finance Corporation (PFC) to boost its power-generation capacity. The company plans to use the funds primarily for power plants in Chhattisgarh and Andhra Pradesh, as part of its goal to increase its power business capacity to 4.8GW by FY27. Vedanta has recently been focusing more on the energy generation sector and is seeking financing from various sources to support its growth plans. This loan from PFC indicates a regained trust from domestic lenders.
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