Sterlite Power targets $10bn assets by 2022 fuelled by KKR funds | Daily News

Sterlite Power targets $10bn assets by 2022 fuelled by KKR funds

Mumbai: Sterlite Power Transmission aims to expand its global footprint in power transmission sector to a portfolio worth $10 billion in by 2021-22, and the investment made by KKR in its infrastructure investment trust would play a crucial role in achieving it, a top executive at the power transmission company told ET.

The company, which has presence in India and Brazil, aims to tap international capital to finance opportunities globally and to scale up the asset under management under parent Sterlite Power, as well as its InvIT, India Grid Trust (IndiGrid). “We aim to have asset under management of $10 billion under Sterlite Power and IndiGrid combined in the next few years — we are halfway there,” Pratik Agarwal, Group CEO of Sterlite Power, told ET.

IndiGrid raised Rs 2,514 crore through a qualified institutional placement last week. This included an investment of Rs 1,084 crore by KKR and Rs 980 crore by GIC Infra Holdings Pte. This first of its kind transaction also makes KKR a cosponsor of IndiGrid and gives it controlling interest in Sterlite Investment Manager (SIM), which manages the trust.

“This deal bolsters our zeal to go after markets we like as it provides us with an almost perpetual line of equity capital. Now we can monetise our assets more frequently,” Agarwal said.

(The Economic Times)

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