Sterlite Power Transmission Limited of Vedanta Group has formed a $1 billion joint venture platform with GIC, Singapore's sovereign wealth fund. According to the Economic Times, the new alliance was formed to capitalize on the country's renewable energy boom by tapping into the growing demand for power evacuation networks.

According to company information, Sterlite Power, controlled by billionaire Anil Agarwal, has 34,000 km+ of OPGW (optical ground wire)-based communication projects completed or under construction with 108 critical corridors in 15 states.

The company is also a leading manufacturer of power cables, conductors, and OPGW, supplying all major Indian states and private utilities, as well as exporting to over 60 countries. Manufacturing facilities are located in Silvassa, Jharsuguda, and Haridwar.

Sterlite Power's Global Infrastructure business line bids for, designs, constructs, owns and operates power transmission assets and currently has operations in India and Brazil. According to Crisil, Sterlite Power has a 31.5 per cent market share, by tariff of inter-state projects awarded under competitive bidding in India.

SPTL is currently demerging its operations into two businesses. The infrastructure division will be housed in one section, which will develop and operate power transmission assets on a build-operate-transfer (BOT) basis, typically in 30-year concessionaire agreements. Third-party buyers, such as state transmission utilities, will receive a turnkey solution.

GIC intends to invest $500 million in the infrastructure sector for a 49 percent stake. The investment will be made in tranches, with an initial $100 million and $400 million coming in over the next two to three years, depending on demand, according to the report.