Sterlite Technologies announced today that it has received the Letter of Intent (LoI) from Power Finance Corporation Limited (PFC) towards setting up a interconnection mega transmission project in the North East.

The company claims that the Rs 800 crore project which is awarded on a ‘Build Own, Operate and Maintain (BOOM) basis is the first mega independent power transmission project to be awarded in India. It involves establishing two 400 KV Double Circuit transmission lines connecting the states of Assam, West Bengal and Bihar.

The transmission lines will be commissioned within 3 years and the company will also oversee operations and maintenance for a minimum tenure of 22 years thereafter.

Dr Anand Agarwal, CEO & Director - Sterlite Technologies Ltd comments, "The award of this mega project to Sterlite is a great achievement for the Company. This is in line with our Vision to become a leading player in Power Transmission. The award of this Project provides great scope to diversify into the growing sector of Power Transmission with many similar opportunities available in future.”

The Ministry of Power, Government of India, has initiated a scheme for development of Independent Power Transmission projects through private sector participation, for evacuation of power from the generation stations, strengthening of the grid and transmission of power from pooling stations to the other grid stations and load centers.