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Sterlite Power on Wednesday announced completion of merger of its arm Sterlite Power Grid Ventures Ltd with itself.
"Sterlite Power, a leading global power transmission player, has announced the completion of merger of its wholly-owned subsidiary Sterlite Power Grid Ventures Ltd with the parent entity," the company said in a statement.
With this merger, the company further strengthens its position in the marketplace by integrating operations and streamlining the corporate structure, the statement added.
After the merger, Sterlite Power has announced the audited annual results for the financial year 2019-20 recording outstanding growth in revenue and profit.
The consolidated profit after tax jumped 280 per cent year-on year (y-o-y) at Rs 942 crore in the financial year 2019-20 (ended on March 31, 2020). Similarly, the consolidated revenue rose 44 per cent y-o-y at Rs 5,158 crore in 2019-20 (post merger).
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Sterlite Power is increasingly 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 several inter-state transmission system projects to its portfolio in 2019-20, including the Lakadia-Vadodara Transmission Project Ltd, which is part of India's green energy corridor.
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 unique asset monetisation strategy, the company has realised an 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).
Sterlite Power Managing Director Pratik Agarwal said, "We are driven by our core purpose to enable access to reliable power while minimising the impact on climate change."
He added that as the world makes rapid transition towards clean energy and India targets 450 gigawatts (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".
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
