Sterlite Power To Invest Rs 50,000 Cr In Renewable Energy
Sterlite is set to invest Rs 50,000 crore in renewable generation across the next five years, mainly in Karnataka
The Vedanta group-owned Sterlite Power is building over 1,000-megawatt wind and solar hybrid projects in Karnataka which will then be sent to the smelters in Odisha, Rajasthan, and Chhattisgarh through an inter-state transmission network. Sterlite is set to invest Rs 50,000 crore in renewable generation across the next five years, mainly in Karnataka.
They are in conversation with the government of India for developing two transmission lines, one connecting Karnataka to Kerala and the other Maharashtra to Goa. Both these lines will be necessary for transmitting renewable energy in upcoming years.
Sterlite Power is owned by the Vedanta group. Speaking at the Global Investors’ Meet, Agarwal urged the Karnataka government to adopt an intra-state transmission model through PPP (public private partnership). “As electricity consumption grows at double digits, the state will need continuous strengthening of the grid. Many states have already tasted success with this model.
Sterlite will begin by manufacturing semiconductors and reduce the USD 16-billion import bill of the country. They will also invest in display manufacturing, as they are already making display glass in Korea and Taiwan. They are already the fourth largest in this regard. Their goal is to become net exporter of electronics in years to come.