your password has been reset successfully, Please login again.

Sterlite Technologies plans to acquire Italy based optical cable maker for $54.3 mn

The acquisition is being funded through a combination of debt instruments and internal accruals.
BY BEx Bureau
BusinessEx
Jul 10, 2018

Sterlite Technologies, which manufactures products for the telecom market, has agreed to acquire 100% stake in Italy-based optical cable maker Metallurgica Bresciana for 46.67 million euros ($54.3 million or Rs 373 crore) in a cash deal.

In a stock exchange disclosure, Maharashtra-based Sterlite said that it would make the acquisition through its wholly-owned Italian subsidiary Sterlite Technologies S.p.A.

The acquisition of Metallurgica Bresciana will expand Sterlite Techs optical fibre cabling business by augmenting our access to key European markets and add highly complementary speciality cables to our products portfolio, said Anand Agarwal, chief executive officer of Sterlite Technologies.

The acquisition is being funded through a combination of debt instruments and internal accruals, the disclosure added.

It expects to complete the transaction over the next fortnight.

Sterlite Technologies rose nearly 9% to close at Rs 315.20 per share on the BSE.

Incorporated in 1987, Metallurgica Bresciana designs and manufactures special precision optical fibre cables and specialised copper cables for various communication applications. It has operations in Italy and China.

The companys turnover stood at 48.7 million euros in the calendar year 2017.

Sterlite Technologies designs, builds and manages digital networks and has customers in more than 100 countries.

The companys offerings include optical communication products, system and network-integration services, and telecom software.

It has manufacturing facilities in India, China and Brazil, with two software delivery centres in India.

The companys consolidated revenue from operations stood at Rs 3,205.49 crore in the financial year 2017-18, up from Rs 2,593.56 crore in the previous financial year. Profit for the fiscal rose to Rs 364 crore from Rs 217 crore in 2016-17.

In September 2015, Sterlite Technologies had acquired Elitecore Technologies Pvt. Ltd, a telecom software product company, for an enterprise value of around Rs 180 crore ($27.4 million).

Please add your Comment
SIMILAR News
November 14, 2018
True North has acquired a 75% stake in Shree Digvijay Cement Company Ltd from Brazil-based Votoranti ...More
By Vaishnavi Gupta
November 13, 2018
The investment is made by the firm to boost its capabilities to deliver tech solutions that will hel ...More
By Vaishnavi Gupta
November 12, 2018
With this acquisition, Mphasis will increase its end-to-end capabilities in the public cloud domain, ...More
By Vaishnavi Gupta
November 12, 2018
This acquisition will help Mumbai-listed AGC to add over $600 million in annual revenue and about 3, ...More
By Vaishnavi Gupta
November 09, 2018
The acquisition is in line with the company's strategy to boost the value for its stakeholders throu ...More
By Vaishnavi Gupta
November 03, 2018
Viithiisys, with this acquisition, will expand its product portfolio and list of clients. ...More
By Vaishnavi Gupta
November 02, 2018
Post acquisition, W12 Studios will be a part of TCS Interactive, the digital division of the IT serv ...More
By Vaishnavi Gupta
November 01, 2018
The fresh funds will be used by Turms to expand its product categories, hire tech talent and launch ...More
By Vaishnavi Gupta
October 31, 2018
The funds raised will be used by Duroflex to expand to new markets across India. ...More
By Vaishnavi Gupta
October 30, 2018
With this deal, ZipGo will become the country's largest technology-driven, business-to-customer bus ...More
By Vaishnavi Gupta
October 29, 2018
For acquiring Red Hat, IBM will pay $190 per share in cash. ...More
By Vaishnavi Gupta
October 26, 2018
After the acquisition, Bluecore will expand its footprint in the Indian e-commerce market by establi ...More
By Vaishnavi Gupta