17 Dec 2024
On Monday, Sterlite Power announced that it has secured Rs 725 crore in a primary fundraising round from GEF Capital Partners and ENAM Holdings. As part of its demerger process, the company spun off its Global Products and Solutions (GPS) business into a separate entity in October 2024.
The company announced that this is the first fundraising effort for its products and solutions business since it was established. It informed that the funds will be utilised to support on-going capital expenditures and drive strategic growth initiatives, including expanding production capacities, accelerating new product development, and increasing its presence in key international markets.
The GPS business has continued its growth trajectory, securing orders totalling Rs 2,715 crore in the first half of FY 2025. By the end of November, the GPS business' open order book amounted to Rs 6,700 crore. This underlines Sterlite Power's strong position in both the domestic and global market segments.
Pratik Agarwal, Managing Director of Sterlite Power Transmission, stated, "Obtaining this funding represents a key milestone for Sterlite Power's GPS business." Regarding the investment in Sterlite Power, Alipt Sharma, partner at GEF Capital Partners LLC, said, "We are thrilled to associate with Sterlite Power and contribute to their range of innovative and dependable products that will drive greater efficiency in power transmission."
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