Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Vedanta Group's privately held power transmission arm, Sterlite Power Transmission Ltd (SPTL), and Singapore's sovereign wealth fund, GIC, are collaborating to establish a $1 billion platform for the power transmission sector in India.
Sterlite Power will contribute a comparable sum for a 51% share in the joint venture, while GIC will spend $500 million for a 49% share. According to the sources, both companies plan to make a formal announcement soon.
Confirming the development, Pratik Agarwal, managing director of SPTL, said, "GIC is coming into a special purpose vehicle that will own all the under-construction projects of SPTL. Initially, it will have five projects. And then, as we go along, we'll keep adding more and more projects." According to the aforementioned sources, the platform plans to invest over $1 billion in equity to expand its asset management portfolio to over ₹30,000 crore.
Under the deal's closure, Sterlite Power would transfer four operational assets with a cumulative project cost of about ₹7,500 crores into this JV. Two assets are located in Rajasthan, and one each in Assam and Kashmir. These transmission corridors will be designed to evacuate 1,000-2,000 MW.
India aims to reduce its economy's carbon intensity by over 45% by the end of this decade and achieve 50% of its cumulative electric power from renewables by 2030. To attain these goals, the national transmission grid must be significantly upgraded to support the widespread adoption of renewable energy.
Also Read : OIL & GMC join forces to convert municipal solid waste into CBG Vietnam’s VinFast seeks India EV import duty cut as plant construction starts
When summer demand starts to cooling off from highs and monsoon logistical disruptions intensify on...
Notification 23-Apr-2024
India Steel Works initiates technical upgrades despite financial pressures. Automation and efficien...
Business 16-Apr-2025
In Gujarat, the billionaire Gautam Adani's group is constructing the largest renewable energy park i...
Renewables 26-Mar-2024
On May 16, nearly all metal stocks traded in the green extending gains for the fifth session in a ro...
Business 16-May-2024
North Carolina regulators have approved a state mining permit for Tesla supplier Piedmont Lithium to...
Non-Ferrous 16-Apr-2024
Vedanta undefined Metals CEO Chris Griffith said on Wednesday that the firm is in talks with several...
Large Corporate 08-Feb-2024