Sterlite Tech in JV to set up Brazil optical fibre plant
11 July 2013 10:41 PM GMT
Transmission products maker Sterlite Technologies will form a joint venture with Brazilian firm Conduspar Condutores Eletricos for setting up an optical fibre manufacturing plant.
The plant to be set up in Brazil would cater to the Latin American market. Both the companies have entered into agreement for establishing the equal joint venture.
'The 50-50 joint venture will be a greenfield facility in Curitiba within the state of Parana (Brazil), and will produce optical fiber cables for the Latin American markets,' Sterlite Technologies said in a statement on Wednesday. The joint venture is expected to start commercial production by the first quarter of 2015 fiscal year.
Mining billionaire Anil Agarwal-led Sterlite Technologies provides transmission solutions for telecom and power sectors while Conduspar is specialised in offering copper and aluminum cables for low and medium voltage applications.
'Latin America is an important market for us from a growth perspective and we are pleased to have this joint venture with a strong and reputed partner like Conduspar,' Sterlite Technologies Director Pravin Agarwal said in the statement.Currently, Latin America is estimated to have an annual demand for more than 10 million kilometres of optical fibre.Conduspar CEO Andre Abage said that along with Sterlite it would create a formidable brand in the market.
The plant to be set up in Brazil would cater to the Latin American market. Both the companies have entered into agreement for establishing the equal joint venture.
'The 50-50 joint venture will be a greenfield facility in Curitiba within the state of Parana (Brazil), and will produce optical fiber cables for the Latin American markets,' Sterlite Technologies said in a statement on Wednesday. The joint venture is expected to start commercial production by the first quarter of 2015 fiscal year.
Mining billionaire Anil Agarwal-led Sterlite Technologies provides transmission solutions for telecom and power sectors while Conduspar is specialised in offering copper and aluminum cables for low and medium voltage applications.
'Latin America is an important market for us from a growth perspective and we are pleased to have this joint venture with a strong and reputed partner like Conduspar,' Sterlite Technologies Director Pravin Agarwal said in the statement.Currently, Latin America is estimated to have an annual demand for more than 10 million kilometres of optical fibre.Conduspar CEO Andre Abage said that along with Sterlite it would create a formidable brand in the market.
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