Sterlite Power Transmission to Buy Minority Stakes in Sharper Shape
Sterlite Power and Shaper Shape have signed an agreement to deliver best drone technologies for surveillance of power transmission grids in India.
August 9, 2016
Sterlite Power Transmission has decided to buy a minority stake in Sharper Shape, a US-based company to bring drone and automated inspection technologies for infrastructure asset owners in India. Though the company has not disclosed the size of the stake acquired due to some financial consideration. Also, the inspection of assets including roadways, transmission and oil & gas projects using drone offers high accuracy whilst considerably reducing the cost and downtime of the process.
“India has more than a million circuit kilometers transmission lines and another three million kilometers of distributions lines and this entire network is the target market for Sharper Shape. Sterlite is dedicated to new technology and we think this is a great opportunity for us to add a new technology to our portfolio,” said Anil Agarwal of Sterlite Power Transmission. The Sharper Shape has already a presence in US and Finland and it will be a clear leader in India for offering best-in-class drones.