Sterlite Technologies Signs Financial Agreements For Two Grid Projects
PUNE, India, June 19, 2012 /PRNewswire/ --
Secures Funds of Rs. 2,200 Crores in Debt Syndication
The Bhopal-Dhule Transmission Company Limited (BDTCL) and Jabalpur Transmission Company Limited (JTCL), both wholly owned subsidiaries of Sterlite Technologies Limited ("Sterlite"), have received Rs. 2,200 Crores as debt syndication for their power transmission projects. The syndication has State Bank of India as the lead participant.
This is a crucial milestone in the development of these projects. Sterlite has already placed most of the project related orders on various local and global vendors for its lines and substations. It plans to close all pending orders shortly.
These 765 kV projects are a part of the 'System Strengthening Common for Western & Northern Region'. The JTCL project will connect Dharamjaygarh-Jabalpur-Bina and feature India's first private sector developed double circuit line. The BDTCL project includes single circuit lines from Vadodara-Dhule-Aurangabad and Indore-Bhopal-Jabalpur, along with two 765 KV substations at Dhule and Bhopal - another first for a private sector player.
Sterlite has a portfolio of three projects estimated at a value of about Rs. 4,000 Crores. These projects aim to evacuate and transmit power through a network of 2200 km of transmission lines and two substations, across the states of Maharashtra, Gujarat, Madhya Pradesh, Chattisgarh, West Bengal, Bihar and Assam. All of these projects are currently on schedule and would be completed as per the development timelines.
The projects were awarded to Sterlite on a BOOM basis, on the basis of their technical and financial strength, through a tariff-based competitive bidding process.
Speaking on the occasion, Mr Pravin Agarwal, Whole-time Director, Sterlite Technologies Ltd. said, "The power transmission sector is gearing up for rapid growth in the 12th plan. I'm happy to see that we are playing a leading role, alongside the CTU, in creating much needed transmission lines for growth of the Indian power sector."
About Sterlite Technologies Limited:
Sterlite Technologies Limited ("Sterlite") is a leading global provider of transmission solutions for the power and telecom industries. Equipped with a product portfolio that includes power conductors, optical fibers, telecommunication cables and a comprehensive telecom systems / solutions portfolio, Sterlite's vision is to 'connect every home on the planet'. Sterlite is also executing multi-million dollar power transmission system projects pan-India. For more details, please visit: www.sterlitetechnologies.com
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SOURCE Sterlite Technologies Limited