Sterlite Grid raises ₹2,450 crore through listed NCDs for MUML project refinancing.

Sterlite Grid 32, a leading power transmission developer, announced recently the successful refinancing of its Mumbai Urja Transmission (MUML) project using listed Non-Convertible Debt (NCD). This move follows the demerger of Sterlite Power Transmission's infrastructure business into Sterlite Grid 5 (SGL5) on October 8, 2024. SGL5 has since formed a Joint Venture (JV) with Singapore’s GIC, and all transmission projects in India will now be executed under Sterlite Grid 32 (SGL32).
This marks SGL32’s first NCD issuance since the JV with GIC, with the NCDs receiving an AA+ stable rating from CRISIL Ratings. The National Bank for Financing Infrastructure and Development (NaBFID) and India Infrastructure Finance Company (IIFCL) were the successful bidders for the NCDs, which have been listed on the Bombay Stock Exchange (BSE).
The MUML project, which was secured through Tariff-Based Competitive Bidding (TBCB) in June 2020, involves a green energy corridor development on a Build, Own, Operate, and Maintain (BOOM) basis for 35 years. The project is crucial for enhancing the transmission systems in Maharashtra, Gujarat, Assam, and Arunachal Pradesh, with a focus on strengthening the western and northeastern regions.
The MUML project is poised to deliver more than 2,000 MW of additional power to Mumbai and Navi Mumbai, playing a vital role in supporting India’s expanding renewable energy sector. SGL32 Director Pratik Agarwal emphasized that this refinancing is not only a success but also a strategic step towards diversifying the company’s financing sources, providing access to alternative funds through the debt capital market.
The ₹2,450 crore raised through this NCD issuance underscores the confidence in India’s renewable power sector and the significant role MUML will play in the evacuation of 20 GW of renewable energy from Rajasthan.
HBL