Sterlite Technologies Limited (“Sterlite”) [BSE (Bombay Stock Exchange): 532374, NSE (National Stock Exchange of India, Mumbai): STRTECH], a leading global provider of wire and cable solutions for the power and telecom industry, today announced contract wins from Power Grid Corporation of India (PGCIL), Jaypee Powergrid Limited, Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPNL), India and Ethiopian Electric Power Corporation (EEPCo), Ethiopia. The contracts, which are for Sterlite’s ACSR Moose & AAAC power conductors, are worth a total of Rs 278 Crores (US$ 66 Million). As per customer’s requirements these power conductors would be supplied between September 2008 and December 2009.
Says Mr Pravin Agarwal – Director, Sterlite Technologies Limited, “Our business strategy is to consolidate our market share in India and build a global customer base for our Company. Over the last decade, Sterlite has established itself a preferred vendor to power & utility companies across the world, resulting in repeat business across extended periods.”
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.
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 among the Top 5 global manufacturers of power conductors. Sterlite Technologies Ltd. (sterlitetechnologies.com) is listed on the National Stock Exchange and Stock Exchanges at Mumbai and Kolkata. Sterlite Technologies has shown a consistent robust financial growth with CAGR of 75% in Net Revenues and CAGR of 115% in Net Profits for the period 2004-2008. The company has a world-class optical fiber manufacturing plant in Aurangabad, India, and telecom cable and power transmission conductor facilities in Silvassa and Haridwar, 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. Exchange rate considered 1US$ = Rs 42.