Sterlite Technologies enters joint venture for fiber cable manufacturing in Brazil

Indian telecom and cable manufacturers Sterlite Technologies Ltd. (BSE: 532374, NSE: STRTECH) says it will create a joint venture with Brazilian low-voltage copper and aluminum cable supplier Conduspar Condutores Eletricos Ltda. to produce fiber-optic cables.

The 50/50 venture will set up shop in a greenfield facility in Curitiba within the Brazilian state of Parana. The two companies hope that commercial fiber cable production will begin in the first quarter of fiscal 2015.

Sterlite characterizes Latin America as one of the fastest growing markets for fiber cable, with an annual demand of more than 10 million fiber km.

"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-time director at Sterlite.

"We are very excited at the prospect of partnering with the Sterlite group,” added Andre Abage, CEO and promoter of Conduspar. “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."

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