Sterlite Power Grid Ventures Limited ("SPGVL") is the Sponsor in respect of IndiGrid. It is one of the leading independent power transmission companies operating in the private sector. As of March 31, 2017, our Sponsor owns 11 inter-state power transmission projects with a total network of 30 power transmission lines of approximately 7,733 ckms and nine substations having 13,890 MVA of transformation capacity. Some of these projects have been fully commissioned, while others are at different stages of development. Our Sponsor generated total revenues of Rs. 5.06 billion in fiscal 2016 and had total assets of Rs. 66.27 billion as at March 31, 2016.
Sterlite Technologies Limited (STL), the erstwhile promoter of SPGVL, incorporated in the year 2000, entered into the business of power transmission by bidding for its first project, ENICL, and was awarded by Power Finance Corporation Limited in 2010. Sterlite Technologies Limited (STL) has been operating with the objective to plan, promote and develop an integrated and efficient power transmission system network in all aspects including planning, investigation, research, designing, engineering, construction, operation and maintenance of transmission lines and sub-stations in accordance with the policies and guidelines laid down by the Central Government from time to time.
After the accumulation of number of projects in the group and in order to restructure the transmission business of STL, the Sponsor was incorporated in June, 2014. All the entities won through bidding process were transferred to the relevant subsidiaries of the Sponsor with an objective to set up and develop separate, systematic, efficient, economical, and organised line of business of STL to solely operate in development of power transmission network in the different parts of India.
On May 18, 2015 the board of directors of Sterlite Technologies Limited (STL) and Sterlite Power Transmission Limited (SPTL) approved a Scheme of Arrangement between STL, SPTL and their respective shareholders and creditors ("Scheme"). In accordance with the Scheme, the power products and transmission grid business of STL were demerged pursuant to provisions of Sections 391 to 394 of the Companies Act, 1956 read with Sections 100 to103 of the Companies Act, 1956 and Section 52 of the Companies Act, 2013, and other applicable provisions of the Companies Act. The High Court of Bombay approved the Scheme through order dated April 22, 2016. The effective date of the Scheme was May 23, 2016. Accordingly, SPTL holds approximately 72% of the issued and paid-up equity share capital of SPGVL on a fully diluted basis.