Sterlite Tech completes demerger of power business

The Dollar Business Bureau

Sterlite Technologies Ltd has completed the demerger of its power transmission business into Sterlite Power Transmission Ltd. The demerger was already approved by the Mumbai High Court on April 22, 2016. The demerger of power business will provide better opportunity for the company to focus on its telecom business, stated a media release by the company.

Sterlite Tech also completed the merger of Elitecore Technologies, a solution provider of Operation Support Service (OSS) and Business Support Service (BSS). According to the company, Elitecore has the capacity to monetise all IP networks that include Cable, 3G/LTE, Wi-Fi, ADSL, FTTH. Sterlite acquired Elitecore in 2015. The merger will now allow strengthening of customer offerings as a single telecom company.

Sterlite is consolidating its global presence in 75 countries. It has manufacturing units in India, China and Brazil and is one of the main suppliers to telecom companies across 20 countries. As per the company’s media release, optical fibre global demand was approximately at 370 million fkm in 2015, and remains to have a better position this year due to increasing data consumption.

Pravin Agarwal, Whole-Time Director and Vice Chairman of Sterlite Technologies, said that the company has seen rapid growth in the past few years. The company has developed advanced innovations patenting more than 100 of those innovations. The demerger will showcase an exciting business model in the market signalling, higher value to its stakeholders.

Anand Agarwal, CEO of Sterlite Technologies, said that the demerger will allow the company to create new products and services for its customers as well as its business partners. The growth of Sterlite over the past several years acts as a testimony to the company’s vision of staying committed to help in making a digital India.