Companies

Sterlite Power completes merger of subsidiary

Our Bureau Mumbai | Updated on January 13, 2021 Published on January 13, 2021

Post merger, Sterlite Power’s net profit more than doubled to ₹942 cr, while climbed 44 per cent to ₹5,158 cr

Sterlite Power, a global power transmission company, has completed the merger of its wholly-owned subsidiary Sterlite Power Grid Ventures with itself.

With this merger, the company further strengthens its position in the marketplace by integrating operations and streamlining the corporate structure.

Also read: Sterlite Power raises ₹200 crore from Allianz Global via NCD issue

Post the merger, Sterlite Power’s net profit more than doubled to ₹942 crore while revenue was up 44 per cent to ₹5,158 crore and consolidated Ebitda increased four times to ₹2,406 crore.

Sterlite Power is increasingly focused on integrating renewable energy to the grid and has been awarded vital projects connecting the national grid to clean and green energy.

Also read: AMP Capital, Sterlite Power join hands for energy transmission projects

Pratik Agarwal, Managing Director, Sterlite Power, said with India targeting 450GW of renewable energy by 2030, the company will create the required transmission infrastructure so that green energy can reach the most underserved households.

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Published on January 13, 2021
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