Sterlite Power, which is planning an IPO, has secured the Nangalbibra-Bongaigaon inter-state power transmission project for Rs 324 crore after emerging as the L1 bidder in a tariff-based competitive bidding (TBCB) process.

In August of this year, Sterlite Power, one of the top private sector power transmission infrastructure developers and solution providers, filed its DRHP.

Sterlite Power Transmission (SPTL), led by billionaire and Vedanta Resources Chairman Anil Agarwal, plans to raise up to Rs 1,250 crore from the main market. However, SEBI, the market regulator, has yet to approve the company.

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

The order win, according to Divyanshu Aggarwal, Director of Delhi-based Growfast Securities and Credit, is a huge plus for the company ahead of its inaugural equity sale. He anticipates more excellent news in the coming days.

Sterlite Power is a significant power transmission infrastructure developer and solutions supplier in India and Brazil, with projects spanning roughly 13,700 circuit kilometers of transmission lines.