NewswireToday - /newswire/ -
Pune, Maharashtra, India, 2008/09/26 - Sterlite Technologies Limited (“Sterlite”) [BSE (Bombay Stock Exchange): 532374, NSE (National Stock Exchange of India, Mumbai): STRTECH], today announced recent contract wins from Power Grid Corporation of India (PGCIL).
Sterlite Technologies Limited, a leading global provider of wire and cable solutions for the power and telecom industry, today announced recent contract wins from Power Grid Corporation of India (PGCIL). The contracts, which are for Sterlite’s ACSR Moose power conductors, are worth a total of Rs 254 Crores (US$ 55 Million). As per PGCIL’s requirement, about 60% of the contract value would be executed within the current fiscal. As on date the company has a strong order book valued at over Rs 1400 Crores (US$ 304 Million).
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 with the unprecedented growth in demand from the Indian and global telecom and power sectors, Sterlite is increasing the manufacturing capacity at its Power Conductors facility to 160,000MT, doubling the manufacturing capacity at its Optical Fiber facility to 12 million-km & tripling the manufacturing capacity at its Fiber Optic Cables facility to 6 million-km.
Says Mr Pravin Agarwal, Director - Sterlite Technologies Limited, “Over the past several business quarters we have achieved tremendous success in key high-demand markets in several geographies and have established a loyal customer base. All our capacity expansion programs are well in progress and are scheduled to complete within the current fiscal. With the strong outlook by the Telecom & Power sectors in India & the world, we believe that these capacity enhancements would give us the strategic advantage to capitalize on the available opportunities.”
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 46