Sterlite considers $4-bln investment in Brazil

SãO PAULO, May 23, 2018 – Indian power company Sterlite Power is considering spending USD 4 billion in Brazil’s energy industry by 2022, international media reported Tuesday.

“We have committed to [spending] USD 1 billion, and we are open to expanding this three or four times over the next three or four years,” Sterlite Group CEO Pratik Agarwal said in a company statement.

In addition to future government-led auctions for energy projects, Sterlite is interested in making acquisitions in the country, though no details were provided.

The company is also looking to establish its Latin American headquarters in Brazil, from where it plans to expand its operations over the next one to three years into markets including Argentina, Mexico and Chile.

Sterlite won a tender for transmission lines in January, marking its third project in Brazil. Two other transmission line projects were granted to the company in April 2017.

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