Sterlite seeks Sebi nod for Rs 2,500-crore infrastructure investment trust

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MUMBAI: Billionaire Anil Agarwal’s Sterlite Power Transmission aims to raise Rs 2,000- Rs 2,500 crore through infrastructure investment trust (InvITs) before December. Sterlite Power Transmission, which was recently carved out from Sterlite Technologies, plans to raise the funds through its subsidiary Sterlite Power GridVentures (SPGC).

The application for registration of the trust was filed on Monday with the capital marketregulator Securities and Exchange Board ofIndia. “The government’s policy has been extremely conducive for infrastructure sector in the last two years. InvIT is a testament to the government’s policy shift, taking a cue from global trend, and will in time become the deepest market for financing infrastructure projects,” said Pratik Agarwal, chief executive, Sterlite Power.

An infrastructure investment trust (InvITs) offers an opportunity for projects promoters to sell their stake in completed projects to the trust, which in turn can raise long-term and tax-free funds from unit holders.

Capital market regulator Securities and Exchange Board of India (Sebi) issued the norms for public issue of units of these InvITs, which are likely to pump in liquidity in an otherwise cash-strapped infrastructure sector.