Wednesday, December 22, 2010

IPO NEWS - STERLITE ENERGY LIMITED GETS 4/5 IPO GRADE FROM CRISIL




Sterlite Energy, a Vedanta Group company and subsidiary of Sterlite Industries Ltd, which is planning to  raise Rs 51,000 mn through the IPO, got 4/5 grade from CRISIL.

The company has been formed to leverage on the experience of Sterlite Industries in building and managing captive power plants.  The  Vedanta  Group  is  one  of  the  largest  private  sector  power  plant  operators  in  India  based  on installed capacity – owning and operating 2,734 MW of captive power plants and 600 MW of commercial
power plants. The group intends to develop all future commercial power generation projects through Sterlite Energy.

Sterlite Energy  is  currently  developing  two  coal-based  power  plants    a  2,400 MW  plant  in  Jharsuguda, Orissa and a 1,980 MW in Talwandi Sabo, Punjab (Talwandi Phase-I). The company has recently signed an MOU with the Government of Punjab to set up an additional 660 MW unit at Talwandi Sabo (Talwandi Phase-II).  The proceeds of the IPO would be utilized to part finance  the construction and development of  Jharsuguda and Talwandi Phase-I power projects, and  to fund general corporate purposes.

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