Power transmission company Sterlite Power on Wednesday announced the completion of merger of its wholly-owned subsidiary Sterlite Power Grid Ventures Ltd with the parent entity.
With this merger, the company has strengthened its position in the marketplace by integrating operations and streamlining the corporate structure.
Post the merger, Sterlite Power also announced the audited annual results for Financial Year 2020 that shows consolidated revenue growing by 44 per cent year-on-year at Rs 5,158 crore. The consolidated net profit also grew by 280 per cent y-o-y at Rs 942 crore.
In a statement, the company said that it is 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 Inter-State Transmission System (ISTS) projects to its portfolio in FY20 including the Lakadia-Vadodara Transmission Project Ltd (LVTPL) which is part of India’s Green Energy Corridor (GEC).
The company also commissioned its first project in Brazil (Arcoverde) 28 months ahead of schedule, which was designed to evacuate renewable wind energy.