Allianz Global Investors has committed INR 200 crore ($27 million) in debt financing to Indian global power transmission firm Sterlite Power, according to several news reports.
The transaction marks one of the first infrastructure sector financing deals for Allianz GI in India.
Sterlite Power raised the funds through a three-year nonconvertible debenture as part of a larger refinancing initiative to reduce its holding company borrowings.
“This transaction with Allianz GI is a strong validation of the continued trust reposed on us by the banking and investor community, and the rise of power transmission as an asset class with promising returns,” said Pratik Agarwal, managing director, Sterlite Power. “We remain focused on our endeavor towards greening the grid by delivering some of the most challenging and impactful transmission projects in the country.”
The transaction follows on the heels of a 50-50