Sterlite Power Funding, Investors & Competitors

Sterlite Power has raised $250M across 2 funding rounds, most recently a $85M undisclosed-stage round in December 2024.

Last Sterlite Power funding round

$85M

Undisclosed stage · Dec 2024

Cumulative funding Sterlite Power raised

$250M

across 2 funding rounds

Key investors in Sterlite Power

Sterlite Power Overview

About Sterlite Power

Sterlite Power is India's largest private power transmission developer, owning 31 extra-high voltage lines and seven substations totaling over 7,000 circuit kilometers and 12,750 MVA capacity across 15 states. Through subsidiary Sterlite Grid, part of the Vedanta Group, the company constructs transmission corridors linking power generation hubs like coal, solar, and hydro sites to load centers nationwide.


Founded

2010

HQ

IndiaMathura

Status

Privately held

Customer focus

B2B

Revenue model

Services, Usage-based

Sterlite Power Funding History

Sterlite Power has raised a total of $250M across 2 funding rounds.

Sterlite Power's first fundraising round was a $165M strategic investment round in May 2024. The most recent completed round was a $85M undisclosed-stage round in December 2024.

Sterlite Power funding rounds

Sterlite Power funding rounds
DateStageInvestorsRaisedDeal Summary
Dec 2024Undisclosed stageEnam Holdings (lead); GEF Capital Partners (lead)$85MSterlite Power, part of the Vedanta Group, demerged its Global Products and Solutions (GPS) business into an independent entity in October 2024, focusing on manufacturing high-performance conductors, optical ground wires (OPGW), HV/EHV power cables, and providing specialized EPC services for power transmission infrastructure to support renewable energy integration and grid resilience. The GPS unit raised Rs 725 crore (approximately $85-87 million) in a primary fundraising round on or around December 16-17, 2024, from GEF Capital Partners (contributing Rs 450 crore) and ENAM Holdings, marking its first significant funding post-demerger. Axis Capital served as the exclusive financial advisor, with Khaitan & Co. as legal counsel. The funds are designated for capital expenditure expansion, enhancing production capabilities, new product development aligned with decarbonization goals, and expanding market reach beyond the 70 countries already served. This investment underscores confidence in Sterlite Power's role in modernizing power transmission amid India's renewable energy push and global clean energy transition. Traction metrics include orders worth Rs 27.15 billion secured in H1 FY25 (first half of financial year 2025) and an open order book of Rs 67 billion as of end-November 2024, or alternatively cited as Rs 6,700 crore, reflecting strong domestic and international demand. The demerger created two entities: Sterlite Power Transmission Limited (SPTL) for the GPS/capital goods business and Sterlite Grid 5 Limited (SGL5) for transmission concessions.
May 2024Strategic investmentPower Finance Corporation$165MSterlite Power secured Rs 1,373 crore in funding from Power Finance Corporation (PFC) for its Neemrana II Kotputli Transmission Limited (NKTL) project, achieving financial closure as announced in June 2024. This supports a 35-year Build-Own-Operate-Transfer (BOOT) green energy corridor project acquired by Sterlite Power in November 2023, involving a 6,000 MVA 765/400kV substation at Neemrana and a 400kV transmission line spanning about 250 km. The funding enhances Sterlite Power's infrastructure projects for efficient power transmission networks. Raji George, Director of Corporate Finance, highlighted PFC's trust in Sterlite Power's execution capabilities for challenging transmission initiatives. Separate from the PFC funding, Sterlite Power's demerged Global Products and Solutions (GPS) business raised Rs 725 crore in December 2024 from GEF Capital Partners (Rs 450 crore) and ENAM Holdings. This primary fundraising supports capex expansion, including a greenfield plant in Baroda for 400kV cables, new product development, working capital, and international market growth. The GPS unit manufactures power conductors, optical ground wire, and cables, with H1 FY25 orders of Rs 2,715 crore and an order book of Rs 6,700 crore as of November 2024. Sterlite Power operates as a power transmission solutions provider in India and Brazil, focusing on EPC services, grid uprates, renewable energy integration, and reducing transmission losses.

Who has invested in Sterlite Power?

3 investors have backed Sterlite Power across its funding rounds, including GEF Capital Partners, Enam Holdings and Power Finance Corporation.

Lead investors include Enam Holdings and GEF Capital Partners.


Sterlite Power Investors

Investors in Sterlite Power by funding rounds participated
InvestorHQRoundsRoleFirst check
GEF Capital PartnersUnited StatesWashington, DC1LeadDec 2024

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Sterlite Power

Sterlite Power has acquired 2 companies to date.

Last acquisition by Sterlite Power was on December 28th 2023. Sterlite Power acquired Neemrana II Kotputli Transmission Line for undisclosed valuation.


Latest Acquisitions by Sterlite Power

Neemrana II Kotputli Transmission Line
Sterlite Power Grid Ventures
Description
Neemrana II Kotputli Transmission Limited oversees a high-voltage direct current transmission project connecting Neemrana in Rajasthan to Kotputli, facilitating green energy evacuation as part of India's Ministry of Power initiatives.
Sterlite Power Grid Ventures is the power transmission development subsidiary of India's Sterlite group, building and operating high-voltage transmission projects. It wins transmission concessions through competitive bidding and earns tariff revenue over long concession periods. At the time of the investment it held three Indian transmission projects and went on to build a portfolio spanning India and Brazil.
HQ CountryIndiaIndia
HQ City
Jodhpur
-
Deal Date28 Dec 202330 Jan 2018
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Sterlite Power Competitors

Sterlite Power competitors include listed companies like Cheniere Energy Partners and Power Grid Corporation of India, and private ones like GNDB, Northern Indiana Public Service Company, SSEN Transmission and 50Hertz.

Public and private companies comparable to Sterlite Power
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Cheniere Energy PartnersUnited StatesUnited StatesPublicly listed$11B$4.4B$32B4.0x
Power Grid Corporation of IndiaIndiaIndiaPublicly listed$4.7B$4B$26B8.0x
GNDBSpainBarcelonaPrivate-$1B$16B-
Northern Indiana Public Service CompanyUnited StatesGary, INPrivate$1.8B-$14B8.1x
SSEN TransmissionUnited KingdomInvernessPrivate--$7.7B-
50HertzGermanyGermanyPrivate--$6B-

Sterlite Power Public Comps

Sterlite Power is still privately-owned, but its public comps include NextEra Energy, Iberdrola, Enbridge, Enel, Southern Company, Constellation Energy, Duke Energy, Williams Companies, Enterprise Products and National Grid.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
NextEra Energy$27B$16B10.5x9.6x17.9x16.2x
Iberdrola$51B$17B4.4x4.3x13.2x11.8x
Enbridge$47B$15B4.2x3.6x13.3x13.3x
Enel$78B$21B2.6x2.1x9.8x7.6x
Southern Company$30B$14B6.0x5.8x12.4x12.7x
Constellation Energy$26B$5B4.6x3.8x23.5x15.3x
Duke Energy$32B$17B5.8x5.6x11.0x11.6x
Williams Companies$12B$7.4B10.1x9.8x16.4x14.6x

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Common questions about Sterlite Power

When was Sterlite Power founded?Sterlite Power was founded in 2010.
Where is Sterlite Power headquartered?Sterlite Power is headquartered in Mathura, India.
Is Sterlite Power publicly listed?No, Sterlite Power is a private, VC-backed company.
How much funding has Sterlite Power raised?Sterlite Power has raised $250M across 2 funding rounds.
What was Sterlite Power's last funding round?Sterlite Power's last funding round was a $85M undisclosed-stage round in December 2024, led by Enam Holdings and GEF Capital Partners.
Who are Sterlite Power's investors?Sterlite Power's investors include GEF Capital Partners, Power Finance Corporation and Enam Holdings.
Which companies are comparable to Sterlite Power?Companies comparable to Sterlite Power include Cheniere Energy Partners, Power Grid Corporation of India, GNDB, Northern Indiana Public Service Company, SSEN Transmission and 50Hertz.
How many companies has Sterlite Power acquired?Sterlite Power has acquired 2 companies, including Neemrana II Kotputli Transmission Line and Sterlite Power Grid Ventures.

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