IPO-bound Sterlite Power win Rs 324 crore order in north-east

New Delhi: IPO-bound Sterlite Power has announced that it has won the Nangalbibra-Bongaigaon inter-state power transmission project worth Rs 324 crore through tariff-based competitive bidding (TBCB) by virtue of emerging as the L1 bidder.

Sterlite Power, which is one of the leading private sector power transmission infrastructure developers and solutions providers, had filed its DRHP in August this year.

Billionaire and Vedanta Resources Chairman Anil Agarwal-led Sterlite Power Transmission (SPTL) is eyeing to raise up to Rs 1,250 crore from the primary market. However, the company is yet to receive a nod from markets regulator SEBI.

The project elements consist of a new 220/132 kV substation at Nangalbibra and laying of about 130 km of 400kV D/c transmission line connecting Bongaigaon in Assam to Nangalbibra in Meghalaya across the river Brahmaputra.

The project will also have about 20 km of 132kV D/c line connecting Hatsinghmari in Assam to Ampati in Meghalaya. The company is focused on integrating renewable energy sources to the transmission grids.

The company has completed the NER-II project, an inter-state transmission scheme spanning across the north-eastern states of Assam, Arunachal Pradesh, and Tripura.

It will also leverage its prior experience in implementing river-crossing solutions across the Ganges to address the challenge of long span river crossing across the Brahmaputra River.

Divyanshu Aggarwal, Director of Delhi based Growfast Securities and Credit said that the order win is a big positive for the company ahead of its initial stake sale. He expects more good news in the days ahead.

"PM Modi's Gati project is a sureshot infrastructure booster, aiding the growth of power generation and transmission companies," he added. "Amidst the current high demand of power, transmission companies will play a more vital role."

With this project win, Sterlite Power now has a portfolio of 26 projects across India and Brazil, which includes projects under various stages of development and those that have been sold.

Sterlite Power is a leading power transmission infrastructure developer and solutions provider with projects covering approximately 13,700 circuit km of transmission lines across India and Brazil.