– Expansion will place the Company among the top integrated optical fibre and cabling companies globally
The Company’s Board of Directors has approved a Rs 320 crore ($44 million) capital expenditure for this expansion, which will be financed through a mix of internal accruals and debt. The enhanced capacity is expected to come on-line by June 2020 in a phased manner.
As leading global markets invest in deep fiberisation for hyper-scale network applications such as 5G, FTTx and data centre connectivity, this expansion will reinforce Sterlite Tech’s position as a leading provider of fibre and software-based smarter networking solutions.
“Given exponential data growth, telcos, internet companies and governments around the globe are looking for innovative network solutions for hyper-scale connectivity. Our customers see us as unique design-build-manage partners who are forward integrated from fibre and cable to network design and software solutions,” said Dr Anand Agarwal, CEO at Sterlite Tech. “This capacity investment will further deepen our customer engagement as we partner with them for network buildouts.”
The Company is expanding its solutions portfolio very rapidly. Recently, it announced a 100% acquisition of Metallurgica Bresciana in Italy for cable expansion, while earlier it had announced an expansion of its optical fibre capacity via a Greenfield investment. Sterlite Tech is also actively working on software-defined networks in virtualised environments.
About Sterlite Technologies:
Sterlite Technologies Ltd [BSE: 532374, NSE: STRTECH], is a global technology leader that designs, builds and manages smarter digital networks. Sterlite Tech engages with customers in more than 100 countries, with a digital web-scale offering across products, services and software. The Company has global scale manufacturing facilities in India, Italy, China & Brazil and two Software Delivery Centres in India. Sterlite Tech is home to India’s only Centre of Excellence for broadband research and Centre for Smarter Networks for next generation network applications. Projects undertaken by the company include intrusion-proof smarter data network for the Armed Forces, rural broadband for BharatNet, Smart Cities’ development, and establishing high-speed Fibre-to-the-Home (FTTH) networks.
For more details, visit www.sterlitetech.com
Phone: +91. 22. 30450404
Phone: +91.20. 30514000
Forward-looking and cautionary statements: Certain words and statements in this release concerning Sterlite Technologies Limited and its prospects, and other statements relating to Sterlite Technologies’ expected financial position, business strategy, the future development of Sterlite Technologies’ operations and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of Sterlite Technologies Limited, or industry results, to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Sterlite Technologies’ present, future business strategies, and the environment in which Sterlite Technologies Limited will operate in the future. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, changes in Government policies or regulations of India and, in particular, changes relating to the administration of Sterlite Technologies’ industry, and changes in general economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Sterlite Technologies’ control, include, but are not limited to, those risk factors discussed in Sterlite Technologies’ various filings with the National Stock Exchange, India and the Bombay Stock Exchange, India. These filings are available at www.nseindia.com and www.bseindia.com.