Le Lézard
Classified in: Oil industry, Science and technology, Business
Subject: ACC

Sterlite Power Eyes $4 Billion Investment in Brazil by 2022


BUENOS AIRES, Argentina, May 22, 2018 /PRNewswire/ --

Sterlite Power, which won orders to build power transmission lines in Brazil last year, is mulling an investment of USD 4 billion in energy projects in Brazil by 2022. 

     (Logo: http://mma.prnewswire.com/media/558206/Sterlite_Power_Logo.jpg )

Looking for better returns and a wide range of opportunities for investments in Brazil, Sterlite Power's idea is to grow rapidly in the country and establish its headquarters in Sao Paulo as a base for future expansion.

"We have committed to USD 1 billion (in projects), and we are open to expanding this three or four times over the next three or four years," Sterlite Group CEO Pratik Agarwal said in a statement.

Agarwal further added that Sterlite has structured a local team and is currently looking for an experienced executive to take command of Brazilian operations and lead an expansion due to incursions in other countries. 

"Sao Paulo will be our headquarters in Latin America to look beyond Brazil," Agarwal said. He cited Argentina, Chile, Mexico and possibly Peru as potential countries of interest, and pointed out that the advance to these markets could take place over a period of 1-3 years. 

The executive also pointed out that in addition to participating in government auctions for new projects, Sterlite will also evaluate possible acquisitions as part of its strategy in the country. 

The preference in all investments, according to him, is for 'complex' projects, in which he evaluates that the company believes it is better able to generate value and obtain advantages over competitors.

Sterlite caught the attention of the Brazilian energy industry in its first bid in April last year to take out a broadcast concession with a discount of 58.9 per cent over the government's maximum allowable revenue for the project.

The company has already secured funding and all environmental licenses for one of its three projects and there is great confidence in being able to deliver them in advance.

"We have an excellent track record of delivering projects ahead of schedule and using some innovative strategies," Agarwal said.

He said that in a project in India, the company even used helicopters to carry transmission towers at a site in a mountainous region, which saved months in comparison to the most to the most traditional method used by Indian industry through loading equipment with the help of donkeys. 

For more details, visit: www.sterlitepower.com

Media contact:
Balaji Krishnaswami
Phone: +91 9971757474
Email: [email protected]



These press releases may also interest you

at 16:30
Peabody today filed its Proxy Statement for its 2024 Annual Meeting of Stockholders to be held on May 9, 2024, which disclosed that current members of Peabody's Board of Directors Samantha B. Algaze and David J. Miller have determined that they will...

at 16:15
Quanta Services, Inc. announced today that its Board of Directors has declared a quarterly cash dividend to stockholders of $0.09 per share, or a rate of $0.36 per share on an annualized basis. The dividend is payable on April 17, 2024, to...

at 16:15
ONEOK, Inc. will release first quarter 2024 earnings after the market closes on April 30, 2024. ONEOK's executive management will participate in a conference call the following day.      What:              ONEOK first quarter 2024 earnings...

at 16:08
Company successfully executed and closed $150 million tax exempt bond offering for the Company's Kentucky Lithium refining facilityThe first domestic, commercial producer of separated and high-purity REEs from recycled permanent magnets and...

at 16:05
Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) , a leading global solar project developer, owner, and operator, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023. Emeren's...

at 16:05
Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") will release its 2024 first quarter operating and condensed financial results on Wednesday, May 1, 2024 after the close of North American markets. The unaudited interim...



News published on and distributed by: