Sterlite Power eyes $4 bn investment in Brazil by 2022
New Delhi: Sterlite Power, which won orders to build power transmission lines in Brazil last year, is mulling an investment of $4 billion in energy projects in Brazil by 2022. Looking for better returns and a wide range of opportunities for investments in Brazil, Sterlite Power's idea is to grow rapidly in the country and establish its headquarters in Sao Paulo as a base for future expansion. "We are already committed to $1 billion (in projects), 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 statement.
Agarwal further added that Sterlite has structured a local team and is currently looking for an experienced executive to take command of Brazilian operations and lead an expansion that may pass in the short or medium term due to incursions in other countries.
"Sao Paulo will be our headquarters in Latin America to look beyond Brazil," Agarwal said. He cited Argentina, Chile, Mexico and possibly Peru as potential countries of interest, and pointed out that the advance to these markets could be in 1-3 years.