The 50-50 JV will be a greenfield facility in Brazil to produce optical fiber cables for the Latin American mark
Sterlite Technologies Limited, a leading global provider of transmission solutions for the telecom and power industries has entered into a Joint Venture agreement with Conduspar Condutores Eletricos Limitada, announced the company on Wednesday .Conduspar is one of the largest companies in Brazil specialised in providing copper and aluminium cables for low and medium voltage applications in Latin America.
The 50-50 joint venture will be a greenfield facility in Curitiba within the state of Parana (Brazil), and produce optical fiber cables for the Latin American markets. One of the fastest growing markets for fiber cable, Latin America at present, has an annual demand of more than 10mn fiber kilometers. This venture would be a key milestone towards Sterlite’s global expansion strategy of its telecommunications business.
“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. Both the companies share a common vision and bring together complementary strengths for this venture,” said Pravin Agarwal, Whole-timeDirector, Sterlite Technologies Limited.
Andre Abage, CEO and promoter of Conduspar, who will drive this joint venture added, “We are very excited at the prospect of partnering with the Sterlite group. With Sterlite’s technology and expertise in the telecom cable domain and Conduspar’s local presence, we will create a formidable brand in this market.”
The joint venture is expected to start commercial production by the first quarter of 2015 fiscal year
No comments:
Post a Comment