Sterlite Power, a Mumbai-based power transmission company, has raised ₹7.25 billion (~$87 million) from GEF Capital Partners and ENAM Holdings for its Global Products and Solutions (GPS) business in a primary fundraising round.

This round marks the first significant fundraising for Sterlite’s GPS business since its demerger as an independent entity in October 2024.

The company aims to use the funds raised to drive its ongoing capital expenditure, grow production capabilities, and accelerate new product development aligned with its renewable energy integration and decarbonization goals. Additionally, the company aims to expand its GPS business beyond the 70 countries it already serves.

Sterlite’s GPS business manufactures high-performance conductors, optical ground wires (OPGW), and high/extra-high voltage (HV/EHV) cables to meet evolving grid resilience needs and to support renewable energy systems integration. It also provides specialized engineering, procurement, and construction services to upgrade and expand existing transmission networks.

The GPS business secured orders worth ₹27.15 billion (~$326 million) in the first half of the current financial year and maintained an open order book valued at ₹67 billion (~$805 million) by the end of November.

Recently, Sterlite’s subsidiary, Sterlite Grid 38, was awarded the Khavda IV C Power Transmission project to evacuate 7 GW of renewable energy from the Khavda Renewable Energy Park in Gujarat. Sterlite Grid 38 plans to commission the project in the next 24 months after the award date on a build, own, operate, and transfer basis and maintain it for 35 years.

In April this year, Sterlite formed a joint venture with Singapore-based GIC, an investment firm, to develop and operate power transmission projects in India to meet the rapidly growing demand for energy evacuation.

In November 2023, Sterlite Power won the order for Phase-IV (Part-1-Bikaner Complex): Part-B Transmission project to evacuate 8 GW of renewable energy in Rajasthan.