Sterlite Technologies Ltd Company Summary

Sterlite Technologies Ltd Summary

Sterlite Technologies Limited is a global leader in end-to-end data network solutions. The Company designs and deploys high-capacity converged fibre cables and wireless networks. Besides, it partners with global telecom companies, cloud companies, citizen networks and large enterprises to design, build and manage such cloud-native software-defined networks. Presently, it is engaged in the business of Connectivity and Network solutions. With expertise ranging from optical fibre and cables, hyper-scale network design, and deployment and network software, the Company is the industrys leading integrated solutions provider for global data networks. Sterlite Optical Technologies Ltd was incorporated on 24 March 2000 under the name of Sterlite Telecom Systems Ltd. It was formed after the demerger of the telecom business from Sterlite Industries (India), with effect from July 1, 2000 to enable sharper focus on each of the businesses. On 21 August 2000, the Companys name was changed from Sterlite Telecom Systems Ltd to Sterlite Optical Technologies Ltd. The company has its manufacturing facilities at Aurangabad and Pune in Maharashtra Silvassa in Dadra & Nagar Haveli, and Haridwar in Uttarakhand.In the year 2004-05, Sterlite Telecables Ltd, a wholly owned subsidiary company merged with another wholly owned subsidiary company called Sterlite Telelink Ltd. Also in the same year, the company has launched their three new products, which are especially designed for Access and Premise Network. In the year 2005-06, the company has launched six new products for Access, Premise & Fibre-to-the-Home applications.In the year 2005-2006, the company has increased the installed capacity for Fiber Optic Cables by 1400000 FKM to 2400000 FKM. Also in the same year, they stared a new project of producing Broadband Access Network. On July 2006, the company acquired the Power Transmission Line division from Sterlite Industries (India) Ltd for a consideration of Rs.1485 million. In the same year, the companys two wholly owned subsidiaries namely, Sterlite Telecom Ltd and Sterlite Telelink Ltd had merged with the Parent Company.In the year 2006-2007 the company has increased the installed capacity for Copper Telecom Cables by 2000000 CKM to 9500000 CKM, for Fiber Optic Cables by 822528 FKM to 3222528 FKM and for Broadband Access Networks they increase the numbers by 120000 to 720000. Also the company has introduced two new products namely Sterlite DOF-LITE TM ITU-TG.655 D and E range optical products for access networks and Sterlite ADSL 2+ wireless and wireline modems for broadband applications.Deloitte has nominated Sterlite Optical Technologies as the 6th Fastest Growing Technologies Company in India and 73rd Fastest Growing Technology Company in Asia-Pacific in 2006. The company was also among the winners of Deloitte Technology Fast 50 India & Fast 500 Asia Pacific awards for 2005.In the year 2007, the company acquired 58.70% holding in Sterlite Infrastructure Private Ltd and thus it becomes a subsidiary of the Sterlite Optical Technologies Ltd. On July 2007, the company got its present name, Sterlite Technologies Ltd. The company has decided to expand the manufacturing capacity of optical fiber at Aurangabad in Maharashtra to 12 million Km from 6 million km.During FY14, Jiangsu Sterlite Tongguang Fiber Co. Ltd., (JSTFCL), the company joint venture with Tongguang Group of China, commenced commercial production and achieved 90% capacity utilization. JSTFCL was formed to set up an Optical Fiber Manufacturing Facility in China. During FY14, the companys subsidiary Sterlite Display Technologies Private Limited (SDTPL) acquired two mega power transmission projects to establish the Transmission System for Eastern Region System Strengthening Scheme-VII and Part ATS of RAPP U-7&8 in Rajasthan. During the year 2014, the company raised Rs. 250 Crores as long term debt by issuing Secured, Rated, Listed, Redeemable, Non-Convertible Debentures (NCDs). The Debentures are listed on the debt segment of Bombay Stock Exchange as per the SEBI Guidelines and Debt Listing Agreement.On 18 May 2015, the Board of Directors of Sterlite Technologies in their Board Meeting held on that day approved a Corporate Restructuring plan. The Board approved to demerge the Power Products Business and Power Transmission Grid Business into a separate entity named Sterlite Power Transmission Ltd. (SPTL). During FY 2015, Standard Chartered Financial Holdings (SCFH), private equity arm of Standard Chartered Bank, invested Rs. 500 Crores in Sterlites (Companys) power grid business. The Company pursued this investment for deleveraging its balance sheet as well as opening up its infrastructure investments to reputed international investor for future value creation.The Honble High Court of Judicature at Bombay had on April 22, 2016 approved the Scheme of Arrangement for Demerger of the Power Products and Transmission Grid Business of the Company into Sterlite Power Transmission Limited (SPTL), effective from 23 May 2016, which was approved at the Court Convened Meetings held on 15 December 2015. Sterlite Technologies acquired 100% stake in Elitecore Technologies Private Limited on 29 September 2015 followed by merger of Elitecore with the Company, effective from 20 May 2016. The merger was approved by the Honble High Court of Judicature at Gujarat and the Honble High Court of Judicature at Bombay on 21 March 2016 and 7 April 2016, respectively. The appointed date for the said Merger was 29 September 2015.In FY16, Sterlite Tech established strategic collaborations with Aston University UK and DTU-Photonics Denmark in the area of application of fibres in energy efficient and advanced high capacity transmission technologies. During FY16, Sterlite Conduspar Industrial Ltda, Brazil was the first cable manufacturer to install a 96F micro cable in Telefonica Brazil, CEMIG on a trial basis. It participated in the leading group that created the Brazilian standard for micro cables and got it approved and implemented by Anatel (Regulatory Telecommunication Agency in Brazil). Sterlite Technologies holds 58.05% interest in Sterlite Conduspar Industrial Ltda, Brazil, a jointly controlled entity, which is involved in manufacturing of Optic Fibre Cable.During FY2016, Sterlite Tech partnered with IM Here Tracking Solutions LLP which developed an online vehicle tracking solution based on GPS and GPRS to find the real-time location of dispatch vehicles. In the Board Meeting held on 27 October 2016, the Board of Directors of Sterlite Technologies approved a Scheme of Demerger of the Passive Infrastructure Business of Speedon Network Limited (SNL), a wholly owned subsidiary of the Company, being the Appointed Date for the Scheme as 1 October 2016. During FY 17, Sterlite Technologies Americas LLC ceased to be Companys subsidiaries or joint ventures companies.During FY18, Sterlite Tech Holding Inc. (USA) & Sterlite Technologies Inc. (USA) have become subsidiaries of the Company.In FY 2018-19, Sterlite Tech, through its wholly owned Italian subsidiary, Sterlite Technologies S.p.A, acquired 100% stake in Metallurgica Bresciana S.p.A, Italy.During FY 2019-20, the Company, through its wholly owned subsidiary, Sterlite Global Ventures (Mauritius) Limited (SGVML), acquired 80% IDS Group, a data centre network specialist based in the United Kingdom. The Company, through its wholly owned subsidiary, SGVML, acquired 12.8% stake in ASOCS limited, a virtual Radio Access Networks technology Company (vRAN) based out of Israel.During the year 2020-21, the Company, through its wholly owned subsidiary, STL Optical Interconnect SpA acquired 100% shareholding in Optotec S.p.A, a leading Optical Products Company based in Italy. During the year 2021-22, Company acquired 80% of the shareholding of the Clearcomm in July 2022 through wholly owned subsidiary, STL UK Holdco Limited, UK. The Company sold 22.46% stake in Metis Eduventures Private Limited, Associate of the Company in Nov 21. It divested 64.98% stake in Maharashtra Transmission Communication Infrastructure Limited, subsidiary of the Company in Mar 22.In 2022-23, the Company divested its IDS business to Hexatronic group for ~GBP 14 million. It sold telecom software business to Skyvera, an affiliate for US-based Telco DR for ~US$15 million. On July 25, 2022, the Company acquired shares of Impact Data Solutions B.V. at a consideration of not less than GBP 9.6 Mn. It launched fibre to the room or FTTR services in 2023.