Vedanta's Sterlite Electric files DRHP for IPO

Vedanta group promoted Sterlite Electric Limited (formerly known as Sterlite Power Transmission Limited) has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The IPO comprises a fresh issue of up to 7,793,371 equity shares and an offer for sale of up to 7,795,803 equity shares, aggregating to a total of up to 15,589,174 equity shares. 

The company’s promoters are Vedanta Group Chairman Anil Agarwal and Twin Star Overseas Limited, who will also participate in the offer for sale along with other shareholders. Net proceeds from the fresh issue are proposed to be utilized towards repayment or prepayment of borrowings availed by the company and its subsidiaries, funding capital expenditure requirements and general corporate purposes, said a press release. 

Sterlite Electric is a manufacturer of capital goods and a provider of system integration solutions, specializing in the power transmission and distribution (“Power T&D”) industry for both domestic and international markets. Its product portfolio includes a wide range of overhead conductors, power cables, optical ground wire (“OPGW”), along with the provision of master system integration (“MSI”) services.

In Fiscal 2025, the company held a 15% share of the Indian power conductors market in terms of value, and a 25–28% share of the high ampacity and AL59 conductor market in India, also in terms of value. 

It has catered to customers in more than 70 countries, including the USA, Brazil, Sweden, South Africa, Egypt, UAE, Chile, and Peru, during the period from April 1, 2022, to March 31, 2025. 

Revenue from external customers outside India (continuing operations), reported under Ind AS 108 ‘Operating Segments,’ amounted to ₹10,00. Crore, ₹16,57 crore, and ₹11,80 crore in Fiscals 2025, 2024, and 2023, respectively.

The company operates four manufacturing facilities strategically located across India in Jharsuguda (Odisha), Piparia (Dadra and Nagar Haveli), and Rakholi (Dadra and Nagar Haveli) specialize in overhead conductor production. The Haridwar (Uttarakhand) facility is dedicated to power cables, while the Piparia facility also manufactures OPGW.

As of March 31, 2025, the company’s annual installed capacity stood at 117,195.60 metric tonnes for overhead conductors, 2,400 kilometres for power cables, and 21,000 kilometres for OPGW.. 

The company has built a strong presence in both regulated and competitive bid projects, leveraging execution expertise, technology adoption and strategic partnerships. Backed by an experienced leadership team led by Managing Director Pratik Agarwal, Chairman Pravin Agarwal, and Whole Time Director & CEO Reshu Madan, the company continues to play a critical role in strengthening India’s power infrastructure and enabling renewable energy integration.

Axis Capital Limited, Motilal Oswal Investment Advisors Limited and Nuvama Wealth Management Limited are the Book Running Lead Managers to the issue.