Sterlite Technologies to acquire EU-based optical cable firm

Wholly-owned subsidiary of Sterlite Technologies Limited, Sterlite Technologies S.p.A. has agreed to acquire 100 per cent stake in Metallurgica Bresciana S.p.A., a optical fiber cable manufacturer.

Metallurgica Bresciana is engaged in the design and manufacture of special precision optical fiber cables and also specializes in manufacturing copper cables for telcos. The company serves telecom company in Europe and has operations in Italy and China. For FY17, the company posted a turnover of Euro 48.7 million.

Through this acquisition Sterlite Technologies will expand its global footprint by gaining new products and customers.

Meanwhile, at 11:01 hours, the stock of Sterlite Technologies was quoting Rs. 302.20 per share, up by 4.19 per cent on Monday, while the benchmark index BSE Sensex was at 35,810.41, up 152.55 points or 0.43 per cent.