Sterlite Power announced the sale of its 14.7% share in India Grid Trust (IndiGrid) for ₹840 crore. The stake was purchased by institutional and high net worth investors, including Larsen & Toubro Ltd., Morgan Stanley Asia Singapore PTE, and Societe Generale, according to stock exchange data.

Larsen & Toubro Ltd. acquired IndiGrid units valued at ₹250 crore. The sale price per unit was ₹98, while IndiGrid closed at ₹101 per unit on the BSE, reflecting a 0.74% increase.

Pratik Agarwal, Managing Director of Sterlite Power, stated that the company will now concentrate on developing power transmission assets. Sterlite Power has committed to transferring assets worth approximately ₹6,500 crore to IndiGrid under a framework agreement. Agarwal emphasized the importance of InvITs in meeting the substantial financing needs of the infrastructure sector, highlighting the continued global demand for well-managed REITs and InvITs.

IndiGrid, India’s first power sector InvIT, went public in 2017 with Sterlite Power as its sponsor. Major shareholders include PE investor KKR and Singapore’s state investor GIC. KKR holds a 60% stake in Sterlite Investment Managers Ltd., IndiGrid's investment manager, with the remaining 40% held by Sterlite.

Sterlite Power, a prominent player in the global power transmission sector, is known for its innovative solutions in the industry. The company operates across India and Brazil, developing high-performance power conductors and extra-high voltage cables, addressing some of the most challenging transmission projects worldwide. Sterlite Power's focus on sustainability and technological advancement has made it a key contributor to the modernization and expansion of power infrastructure in emerging markets. 

With this divestment, Sterlite Power aims to streamline its operations and sharpen its focus on its core business areas, particularly in the development of new transmission projects and the integration of renewable energy sources into the grid. This strategic move is expected to enhance the company’s capacity to deliver efficient and reliable power solutions in line with the growing energy demands.