Vedanta's Sterlite to transfer three power projects to GIC venture

Sterlite Power Transmission Ltd., a privately-held unit of mining company Vedanta Ltd., has transferred three Indian power transmission projects into its joint venture with Singaporean sovereign wealth fund GIC Pte, according to people familiar with the situation. The projects are still under development and the transfer into the Sterlite Grid 32 Ltd. joint venture has been agreed, the people said, asking not to be identified because the matter isn't public. Representatives for Mumbai-based Sterlite declined to comment. GIC didn't immediately respond to a request for comment.