Sterlite Power was originally a diversified entity housing two core verticals:
Transmission Infrastructure (Sterlite Grid): Focused on building and operating high-voltage power transmission lines across India.
Global Products Division: Manufacturing and supplying power conductors, optical ground wire (OPGW), and high-performance cables used in transmission networks.
These businesses ran under one umbrella until 2024.
In October 2024, Sterlite Power underwent a strategic demerger, separating its operations into:
Sterlite Grid (Transmission Assets Business)
Sterlite Power (now renamed Sterlite Electric, focused on Products & Solutions)
The trigger behind this move was global investor GIC’s interest in the stable cash flow model of the transmission business. GIC invested ~$500 million for a 49% stake in Sterlite Grid. This arm will remain unlisted and focus on owning regulated transmission assets.
However, controversy followed as Sterlite introduced a new company — Serentica Renewables — under the Sterlite Power umbrella, which began developing renewable-linked transmission lines. Existing shareholders of Sterlite Power received no economic participation in Serentica, raising governance concerns.
Serentica Renewables is focused on:
Building renewable energy projects (primarily solar and wind)
Developing transmission lines to evacuate power from renewable sites to consumption centers
Targeting industrial decarbonization and round-the-clock (RTC) power supply
This business is separate from Sterlite Grid and functions under a different financial structure.
Notably, Serentica is backed by KKR, which invested nearly $650 million, making it one of the most ambitious decarbonization platforms in India. Its positioning in the energy transition value chain overlaps with Sterlite’s original domain, further deepening concerns about shareholder value dilution.
Post demerger, the remaining business — focused on the Products and Solutions segment — has been rebranded as Sterlite Electric.
Conductors: Conventional and high-efficiency types
Cables: Extra high voltage (EHV), medium voltage (MV), and low voltage (LV) cables
OPGW: Optical Ground Wire for transmission networks
HVAC and Accessories: Solutions to improve grid performance
Sterlite Electric is now focusing on expanding this products segment globally, capitalizing on India’s transmission modernization and international demand from utilities and infrastructure projects.
While the Draft Red Herring Prospectus (DRHP) is yet to be filed, Sterlite Electric has officially initiated steps toward a public listing.
The IPO will consist of a fresh issue component and an Offer for Sale (OFS) by existing investors.
ENAM Holdings and GEF Capital Partners, who together invested ₹725 Cr in 2024 for a 10% stake, had valued the business at ₹7,250 Cr.
The company is expected to use IPO proceeds to reduce debt and fund expansion in cable manufacturing and international markets.
Sterlite Electric will likely position itself alongside APAR Industries, its closest listed peer in the specialized cables and conductors space.
Let’s trace the trajectory of Sterlite Power’s unlisted share price:
2020: Traded at ₹700–800 (Implied Valuation: ₹9,600 Cr)
2022: Reached ₹1,600 on IPO anticipation (Valuation: ~₹19,000 Cr)
Post-2022: Declined to ₹800–900, then adjusted to ₹400–450 after 1:1 Bonus Issue
2023–2024: Price steadily rose again to ₹800 before the demerger
Current Unlisted Share price
Sterlite Electric (formerly Sterlite Power): ~₹650
Sterlite Grid (newly listed): ~₹375
The story of Sterlite Electric is one of strategic separation, private equity trust, and a pivot toward core product offerings. While investors lost exposure to the transmission-linked renewables play via Serentica, the upcoming IPO could unlock value in the products and solutions vertical.
The key to Sterlite Electric’s success post-listing will depend on:
Sustaining export growth and international orders
Margin stability amid volatile raw material prices
Scaling up its cable division to compete with global majors
As the IPO nears and unlisted activity heats up, Sterlite Electric is a name to watch — especially for those looking to tap into India's long-term power infrastructure growth.
