Sterlite Technologies Limited (“Sterlite”) [BSE (Bombay Stock Exchange): 532374, NSE (National Stock Exchange of India, Mumbai): STRTECH], a leading global provider of power transmission conductors, optical fibers and telecommunication cables, today announced four contract wins with leading infrastructure companies in Nigeria, Uganda, Algeria & Bangladesh. The contracts, which are for Sterlite’s ACSR, AAAC & Almelec power conductors, are worth a total of US$15.5 million to Sterlite. The Company was chosen as the sole manufacturer and supplier of power conductors for all these contracts. As per customer’s requirements the power conductors would be supplied between July 2008 and November 2008.
In FY 2007-08, Sterlite’s export sales for its Power Conductors accounted for about 35% of total revenues from sale of its Power Conductor products. With these project wins, Sterlite has a fortified its market share to about 14% in Africa, with its Power Transmission Conductors products sold in 21 countries across the continent to reputed Turnkey, Utilities and Infrastructure companies such as SONELGAZ - Algeria, EEPCo - Ethiopia, KPLC – Kenya, PHCN – Nigeria and ESKOM - South Africa, to name a few.
The Company currently has a cumulative manufacturing capacity of 115,000 MT (Metric Tons), making it the largest manufacturer in India and amongst the Top 5 global manufacturers of Power Conductors. Keeping in line with the sustained demand from the global power industry, Sterlite recently announced plans to further enhance its power conductors manufacturing capacity to 160,000 MT.
Mr Pravin Agarwal, Director - Sterlite Technologies, commented, “These latest contract wins are significant endorsements of our customer’s confidence in Sterlite’s technical capabilities & product reliability. With over a decade of experience with the varying requirements of our customers in global markets, supported with state-of-the-art integrated manufacturing facilities, we believe that Sterlite is uniquely positioned to deliver significant value to all our business partners.”
Sterlite is a significant contributor to the global power sector through indigenous manufacture of a complete range of power transmission conductors at Extra High Voltages (400kV - 800kV), High Voltages (66kV – 220kV) and power distribution conductors (11kV- 33kV). The Company is a market leader in India and supplies about 27% of India’s total demand for power transmission & distribution conductors.
About Sterlite Technologies Limited
Sterlite Technologies Limited (formerly, Sterlite Optical Technologies Ltd) is India’s leading global provider of power transmission conductors, optical fibers, telecommunication cables and telecom integration & managed services. It is India's only fully integrated optical fiber producer and one of the largest suppliers of optical fibers to overseas markets in China, Europe and South East Asia. Sterlite Technologies Ltd. is listed on the National Stock Exchange and Stock Exchanges at Mumbai and Kolkatta. The company has a world-class optical fiber manufacturing plant in Aurangabad, India, and telecom cable and power transmission conductor plants in Silvassa, Haridwar and Pune, India.
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 and 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 Nseindia.com and Bseindia.com.