Sterlite Power postpones IPO plans due to market volatility

Sterlite Power Transmission Ltd
October 1, 2022

Sterlite Power on Friday blazoned postponing its Rs1,250 crore – IPO in view of current volatility in the stock request. In August 2021, the company had filed the Draft Red Herring Prospectus (DRHP) with requests controller Sebi. The original Public Offer (IPO) was to be worth Rs1,250 crore.

“Sterlite Power, a leading private sector power transmission structure inventor and results provider, blazoned the holdback of their plans to go public through an IPO,” it said in a statement. Pratik Agarwal, Managing Director of Sterlite Power, said that given the volatility in the current requests and the limited window available under the presently filed DRHP, it has been decided to withdraw the DRHP.

“Still, it remains observant of the request and will consider re-filing the DRHP in the future. In the meantime, we’re in discussion with large private capital institutions to grow the business,” he said. Sterlite Power has a portfolio of 30 systems covering roughly 14,602 circuit kilometres of transmission lines. It has systems in India and Brazil.

It also has a portfolio of high- performance power operators, Extra High Voltage (EHV) lines and Optical Ground Cables (OPGW), among others. The company was the guarantor of IndiGrid, the country’s first power sector InvIT.

About Sterlite Power limited

Sterlite Power is a leading integrated power transmission developer and solutions provider globally, focused on addressing complex challenges in the sector by tackling the key constraints of time, space and capital. In our Global Infrastructure Business, we bid, design, construct, own and operate power transmission assets across multiple geographies.

Sterlite Power Transmission Ltd
Core Purpose , Value & Strategy

“Empowering humanity by addressing the toughest challenges of energy delivery.”

Every one counts,Every person, every thought, every opinion deserves a chance to be heard. No matter who you are or where you are from – you are respected.

– We listen before we respond or react.

– We may disagree but we do so with humility and respect for another’s opinion

Our strategy is focused on addressing complex challenges in the sector by tackling the key constraints of time, space and capital. The Government’s vision of 24×7 energy access to all, coupled with the rapid development of renewable generation capacity, requires transmission projects to be commissioned in a fraction of the conventional time frame, creating a time constraint. Urbanization, environment regulations and Right of Way (ROW) issues create a space constraint for power transmission projects. The scale of investment required to build transmission capacity to meet the country’s power needs is significant, creating a capital constraint.

What We Do

Sterlite Power is a leading global developer of power transmission infrastructure with 22 projects spanning 12,478 circuit kilometers in India and Brazil. Our innovative usage of global technologies such as helicranes to aid in project completion, and drones to survey and monitor transmission lines remotely has allowed us to reduce the need for human intervention, and minimize impact on the environment, while also increasing accuracy in project planning and execution.

Our strong local presence and deep understanding of government regulations, in the regions we operate in helps us get things right in the first attempt. Our agile execution approach, and strong partnership ecosystem, working with all leading Indian EPCs has led to the successful completion of projects, ahead of schedule.

Our strong liquidity discipline, and innovative project financing helps empower our project execution teams to deliver ahead of schedule. We are committed to fulfilling our promises to the market, government and all stakeholders, ahead-of-schedule.

Our Solutions Business is expanding horizons in the power transmission industry by developing an efficient, reliable and resilient transmission ecosystem. Our work impacts communities and businesses by enabling access to reliable, high-quality electricity. With power utilities facing increased pressure due to a rapidly growing population, increased demand and ageing infrastructure, there is an urgent need for augmentation and upgrades.

We help power utilities to tackle their network congestion challenges, by providing solutions that upgrade and uprate corridor intensity. Our strategic solutions through system design, application engineering, complete engineering procurement and construction as well as project management, commissioning and lifecycle services, ensure improved performance in the short and long-term.