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KKR To Join Hands With Sterlite Power For New Clean Energy Platform: Report
The new energy platform will help large industrial clients to decarbonise their operations by providing round-the-clock clean energy
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Private equity group KKR will join hands with Vedanta Group’s newly formed arm Serentica Renewables and is expected to invest USD 400 million in the platform, a media report stated on Tuesday citing people in the know.
The new energy platform will help large industrial clients to decarbonise their operations by providing round-the-clock clean energy.
This will aid large-scale, energy-intensive industrial customers like manufacturing, auto and steel. This segment in India consumes around 70 gigawatts of coal and gas-fired energy.
Along with KKR, the Sterlite Group of companies is also expected to invest USD 100 million.
Serentica Renewables is 100 per cent held by Twinstar Overseas Limited (TSOL), which also has controlling stakes in Sterlite Power Transmission Limited and Sterlite Technologies Limited.
Both of these are held by Volcan Investments – the family investment vehicle of billionaire Anil Agarwal.
The report stated that a formal announcement is expected later on Tuesday.
Standard Chartered Bank is the advisor for the transaction.