Sterlite Technologies Enters Into a Joint Venture With VISCAS to Manufacture Extra High Voltage Cables in India

PUNE, India, September 30, 2014 /PRNewswire/ --

Sterlite Technologies Limited [BSE: 532374, NSE: STRTECH], a leading global provider of transmission solutions for the power and telecom industries, has entered into a joint venture agreement with VISCAS Corporation, a leading Japanese company specialised in providing power transmission and distribution systems solutions globally. As part of this JV agreement, VISCAS Japan will invest in the existing power cable facility of Sterlite in Haridwar which is already serving the MV/HV power cables customers in India.

This venture is an important milestone in sustaining Sterlite's leadership in power transmission and distribution sector with an objective of addressing the growing extra high voltage underground power cabling requirements in India. It also strengthens the unique positioning of Sterlite in offering integrated overhead, underground transmission and distribution networks with smart grid enablers as OPGW/ communication products. 

"This partnership has the potential to attain leadership in the HV/EHV cables market in India in the next 2-3 years. The country is implementing HV/EHV solutions in transmission and distribution segment of power to enhance efficiency and will require specialised technologies to address this need. Both companies share a common vision and bring together complementary strengths for this venture," said Mr. Pravin Agarwal, Whole-Time Director, Sterlite Technologies Limited.

The closure of the transaction would be subject to necessary approvals. Axis Capital Ltd. acted as sole financial advisor to Sterlite Technologies Ltd.

About VISCAS Corporation

VISCAS Corporation, formed in 2001, is a 50:50 joint venture partnership between Furukawa Electric Co. and Fujikura Ltd. Headquartered in Japan, VISCAS is a leading firm of power transmission and distribution systems in the world. It provides overhead power transmission systems from remote areas to consumer regions, underground power transmission systems that assist in providing power to large metropolitan areas, and distribution system from urban substations to customers, supplying cables, accessories, construction works and peripheral items which form the basis of such systems.

Website: www.viscas.com

About Sterlite Technlogies Ltd.

Sterlite Technologies Limited (STL) develops and delivers products, solutions and infrastructure for telecom and power transmission networks globally. STL is among the global leaders in all its business areas of optical fiber, fiber optic cables, power conductors and HV/EHV power cables through its operations in India, China and Brazil. As the most integrated optical fiber company in the world, STL is pioneering Fiber-to-the-Home (FTTH) deployment in the country to enable high speed broadband connectivity. STL is developing several transmission infrastructure projects spanning over 5000 circuit kms, across India. Listed on Stock Exchanges BSE and NSE in Mumbai, India, Sterlite Technologies is a public company with a broad shareholder base. 

Website: www.sterlitetechnologies.com

Media Contact: Ravindra Utgikar, [email protected], +91-20-30514000, Head - Corporate Communications, Sterlite Technologies Ltd.