Vedanta flagship Sterlite to enter coal-based power generation; plans to raise funds

Mumbai: Sterlite Industries (India), flagship company of the Vedanta Group, proposes to enter coal-based power generation and other ancillary activities through its subsidiary, Sterlite Energy Ltd.

These may include ultra-mega power projects announced by the central and state governments or state-run utilities, and projects independently developed by Sterlite Energy with a capacity of up to 10,000 mega-Watts, Sterlite said in a statement.

Sterlite would also raise capital to finance its power generation projects and other ancillary activities, the company said in a filing with the Bombay Stock Exchange (BSE).

Sterlite Energy is considering various financing options for these projects, including issuance of equity and debt instruments, the company said in its filing.

A number of these projects, if awarded, are expected to be commissioned over the next five years, the statement added.