Sterlite, GIC to set up $1-B JV for power transmission

Vedanta Group's privately held power transmission arm Sterlite Power Transmission Ltd (SPTL) and Singapore's sovereign wealth fund GIC are jointly setting up a $1-Billion platform for the power transmission sector in India. GIC will invest USD 500 million in the JV for a 49% stake.The JV will initially include five under-construction projects, with plans to expand. Sterlite Power will transfer four operational assets worth about INR 7,500 crores into the JV.