Sterlite Technologies, Tongguang Communication to form joint venture for optical fiber in China
NOVEMBER 17, 2010 -- India-based fiber and cable manufacturer Sterlite Technologies Ltd. (BSE: 532374, NSE: STRTECH) and Jiangsu Tongguang Communication Co., Ltd. will form a joint venture company, Jiangsu Sterlite & Tongguang Optical Fibers Co., Ltd., to manufacture, market and distribute optical fiber. The joint venture company will be based in Haimen, Jiangsu Province, China.
Sterlite will pair its expertise in optical fiber technology with Jiangsu Tongguang Communication’s fiber cable manufacturing and market expertise in the China market.
"With the continued roll-out of 3G and FTTx, China has retained its position as the largest market for optical fibers in the world. We believe that China would continue to develop and upgrade its telecommunication infrastructure to remain globally competitive and this would ensure that the demand for optical fibers would be sustained over the long term," said Pravin Agarwal, wholetime director of Sterlite Technologies. "China is an extremely important part of the market for Sterlite Technologies, and this joint venture represents a significant strategic investment in China."
"With the benefits of extended product lines, Jiangsu Sterlite & Tongguang Optical Fibers Co., Ltd., the joint venture between Jiangsu Tongguang Communication Co., Ltd. and Sterlite Technologies, would make it faster, easier, and more cost-effective for utilities and service providers to build new age communication infrastructures," added Tang Jinming, chairman of JiangsuTongguang Communication.
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