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Published on 13/01/2021 3:29:59 PM | Source: IANS

Sterlite Power completes merger of subsidiary

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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."