Sterlite Power Transmission may consider IPO After completion of Demerger Process

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Sterlite Power Transmission May Seek Listing After Demerger: MD Pratik Agarwal

Sterlite Power Transmission Limited

Created at 24 Mar 2024 08:11

Sterlite Power Transmission Ltd (SPTL) is poised to retain only its manufacturing arm following the proposed demerger of its transmission business. Managing Director Pratik Agarwal has indicated that the company may consider a public listing as part of its fundraising endeavors. SPTL's manufacturing segment, known as Global Products and Services, specializes in producing power transmission components like conductors, power cables, and overhead wire cables. Agarwal highlighted that the manufacturing business, which garners 50% of its revenue from exports to regions including the US, Europe, Latin America, Southeast Asia, and Australia, aligns well with public market dynamics.

Post-demerger, the company will explore various fundraising avenues, with a potential listing being one of them. Agarwal emphasized that while there's no immediate rush, they will assess the market conditions and investor interest to gauge the viability of a listing.

SPTL is also contemplating expanding its manufacturing facilities in India, with an estimated investment of ₹350-400 crore for both brownfield and greenfield projects. The manufacturing arm is anticipated to grow by 20-30% in FY25, supported by significant central sector transmission projects in India valued at around ₹2 trillion.

Additionally, SPTL is in discussions with private equity investors to raise funds for its transmission business. The company's transmission division, which operates in India and Brazil, aims to consolidate its presence in India's transmission sector. With a portfolio of 30 completed and ongoing projects totaling approximately 14,602 circuit kilometers of transmission lines, SPTL is focusing on further expansion.

Agarwal, who also chairs Serentica Renewables, expressed the company's commitment to providing round-the-clock renewable energy solutions to large factories, aiming to replace a significant portion of their thermal power consumption with renewable energy. He underscored the importance of decarbonization efforts in large factories, which are major contributors to greenhouse gas emissions globally.

In terms of energy storage, Agarwal mentioned plans to deploy batteries across their fleet and explore alternative storage solutions, either owned by them or through third-party arrangements.

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