Sterlite Electric (formerly known as Sterlite Power Transmission), part of the Vedanta Group, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise around ₹1,500 via 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 Anil Agarwal and Twin Star Overseas, 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.
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 ₹10,007.07 million, ₹16,576.49 million, and ₹11,800.53 million in Fiscals 2025, 2024, and 2023, respectively.
The company operates four manufacturing facilities strategically located across India, positioned near key raw material sources and major transportation hubs, including seaports. Facilities 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 kilometers for power cables, and 21,000 kilometers for OPGW.
According to the CRISIL Report cited in the DRHP, India’s transmission sector is expected to undergo significant expansion to integrate 500 GW of non-fossil fuel capacity by 2030, of which 280 GW is expected to come from solar and 140 GW from wind. This will require substantial investment in interstate transmission systems to evacuate renewable energy from generation hubs to demand centers.
In parallel, the power cables industry is projected to grow at a CAGR of 11–13% between FY24 and FY29, driven by rising investments in transmission and distribution, renewable integration and urban infrastructure development. Large integrated players such as Sterlite Electric, with scale, technology leadership and execution capabilities, are expected to benefit disproportionately from these structural tailwinds.
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 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 and Nuvama Wealth Management are the Book Running Lead Managers to the issue.
