Abhishek Securities

  Sterlite Power, a leading global power transmission player, has achieved financial closure for its Vapi II North Lakhimpur Transmission Limited (VNLTL) project by securing the entire debt funding of INR 2070 crores from one of India's largest power sector lenders, Power Finance Corporation Limited (PFC Ltd.). The financial closure is achieved within four months of the SPV acquisition of the project. Sterlite Power acquired VNLTL SPV in June 2020 to execute one of the largest inter-state transmission system projects covering Western Region Strengthening Scheme-XIX (WRSS-XIX) and North Eastern Region Strengthening Scheme-IX (NERSS-IX). This single project, with its various sub-elements, will supply clean and green energy from solar, nuclear and hydro power to the western and north eastern region of India. Further, this project aims to set up 179 ckm of lines for critical system strengthening to decongest the Navi Mumbai transmission corridor by bringing in an inter-state transm...

Sterlite Power  on Friday said it has sold 14.7 per cent stake held in India Grid Trust (IndiGrid) for Rs 840 crore to institutional and high net worth individual (HNI) investors. IndiGrid is India's first  infrastructure investment  trust in the  power sector. Sterlite Power  has sold 14.7 per cent stake in IndiGrid with the transaction valued at Rs 840 crore at a unit price of Rs 98. The sale of its stake has been made to institutional and HNI investors, the company said in a statement. " Sterlite Power  is proud to have played a role in creating India's first  power sector  InvIT which has grown over the years with participation from marquee investors. "We will now focus on our core business as the developer of power transmission assets. We remain committed to executing asset transfers of about Rs 6,500 crore as per the framework agreement with IndiGrid," Sterlite Power Managing Director Pratik Agarwal said. InvITs will remain a powerful platfo...