Vedanta Group’s privately held power transmission arm Sterlite Power Transmission Ltd (SPTL) and Singapore’s sovereign wealth fund GIC are jointly setting up a $1 billion platform for the power transmission sector in India, said people aware of the development.
GIC will invest $500 million in the JV for a 49% stake while Sterlite Power will deploy a similar amount for a 51% stake. Both companies are likely to make a formal announcement shortly, the people said.
