Sterlite Power gets stakeholders’ approval for demerger of its transmission business from SPTL

Sterlite Power Transmission Limited (SPTL) has received approval from its stakeholders for the demerger of its transmission business. The proposal received 100 per cent approval from secured creditors, 99.26 per cent from unsecured creditors, 99.99 per cent from equity shareholders present and voting, and 100 per cent by the non-fund-based lenders. The proposed demerger will empower both its businesses – the demerged transmission infrastructure (to be housed under Sterlite Grid 5 Limited) and global products and specialised engineering, procurement and construction services (that will continue to remain under SPTL), to pursue independent growth strategies with greater agility and focus.