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Sterlite Power completes merger of subsidiary
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SME Times News Bureau | 13 Jan, 2021
Power transmission company Sterlite Power on Wednesday
announced the completion of merger of its wholly-owned subsidiary
Sterlite Power Grid Ventures Ltd with the parent entity.
With
this merger, the company has strengthened its position in the
marketplace by integrating operations and streamlining the corporate
structure.
Post the merger, Sterlite Power also announced the
audited annual results for Financial Year 2020 that shows consolidated
revenue growing by 44 per cent year-on-year at Rs 5,158 crore. The
consolidated net profit also grew by 280 per cent y-o-y at Rs 942 crore.
In
a statement, the company said that it is 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 Inter-State Transmission System (ISTS) projects to its portfolio
in FY20 including the Lakadia-Vadodara Transmission Project Ltd (LVTPL)
which is part of India's Green Energy Corridor (GEC).
The company
also commissioned its first project in Brazil (Arcoverde) 28 months
ahead of schedule, which was designed to evacuate renewable wind energy.
Through its asset monetisation strategy, the company has realised
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).
Commenting on the
company's performance, Pratik Agarwal, Managing Director, Sterlite
Power, said, "We are driven by our core purpose to enable access to
reliable power while minimising the impact on climate change. As the
world makes rapid transition towards clean energy, and India targets 450
GW of renewable energy by 2030, we will contribute towards this noble
cause by creating the required transmission infrastructure so that green
energy can reach the most underserved households."
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