New Delhi: Sterlite Power has announced the completion of the merger of its subsidiary Sterlite Power Grid Ventures Ltd with itself. "Sterlite Power, a leading global power transmission player, has announced the completion of merger of its wholly-owned subsidiary Sterlite Power Grid Ventures Ltd with the parent entity," the company said in an official statement on Wednesday. With this merger, the company further strengthens its position in the marketplace by integrating operations and streamlining the corporate structure, the statement added.
After the merger, Sterlite Power also announced the audited annual results for the financial year 2019-20. The consolidated profit after tax (PAT) jumped nearly three times year-on-year (y-o-y) to Rs 942 crore in FY 2019-20. Similarly, the consolidated revenue went up by 44 percent y-o-y to Rs 5,158 crore post-merger.
"Sterlite Power is increasingly focused on integrating renewable energy (RE) to the grid and has been awarded vital projects connecting the national grid to clean and green energy. The company has added several inter-state transmission system projects to its portfolio in 2019-20, including the Lakadia-Vadodara Transmission Project Ltd, which is part of India's green energy corridor. The company also commissioned its first project in Brazil (Arcoverde) 28 months ahead of schedule, which was designed to evacuate renewable wind energy," the statement said.
Through its unique asset monetisation strategy, the company has realised an additional liquidity of Rs 2,450 crore from the monetisation of three projects in India (NRSS 29, OGPTL and ENICL) and three projects in Brazil (Pampa, Arcoverde and Nova Estado), it added.
Sterlite Power Managing Director Pratik Agarwal said, "We are driven by our core purpose to enable access to reliable power while minimising the impact on climate change." While noting that as the world makes rapid transition towards clean energy, India targets 450 GW of renewable energy by 2030, he said, "We will contribute towards this noble cause by creating the required transmission infrastructure so that green energy can reach the most underserved households."
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)