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Sterlite Technologies secures new orders worth Rs 1,500 crore

Sterlite Technologies has won multi-year multi-million dollar contracts from major European telecom players

Chitranjan Kumar   New Delhi     Last Updated: February 20, 2020  | 11:47 IST
Sterlite Technologies secures new orders worth Rs 1,500 crore

Sterlite Technologies (STL) on Wednesday said it has bagged orders worth Rs 1,500 crore in the New Year. These orders ranged from continued business development in optical connectivity solutions and network services to emerging areas such as software virtualisation, the company said in a regulatory filing.

The company has won multi-year multi-million dollar contracts from major European telecom players. It has also bagged projects in Middle East, Africa and South East Asia for solutions related to standard billing, digital engagement and AI based monetisation. The company, however, did not reveal the details of the contract.

"In early 2020, network creation capital expenditure has been accelerated by major European, Middle East, Africa and South East Asian network creators. As STL has strategically invested in these markets it has disproportionately benefited by this acceleration, driving over 65 per cent of connectivity revenues from these international geographies," the digital technology company said in a filing to the Bombay Stock Exchange.

In India, the rural broadband projects are moving to the next phase of digital infrastructure, especially in states like Telangana, Maharashtra and Madhya Pradesh. The company said it has been benefitted by this trend of fast deployment.

"STL has been building local expertise of deployment to bolster its technology led design process in key states of Central India," it said.

According to STL, more states are expected to accelerate their plans, especially given the enhanced budget outlay of Rs 6,000 crores for BharatNet, also known as Bharat Broadband Network.

BharatNet is a telecom infrastructure provider, set up by the central government, for the establishment of the National Optical Fibre Network to provide broadband connectivity to all 2.5 lakh gram panchayats in the country to improve telecommunications in India and achieve the goal of Digital India.

Commenting on the development, Anand Agarwal, Group CEO, STL said "We have been focused on creating solutions for our customers that overcome their end-to-end problem statements -rather than just delivering some components. This has taken significant investment in technology and talent."

"We are pleased to see that our customers across telcos, cloud companies, citizen network and large enterprises are realising the value in holistic solutions -a trend that is reaffirming our value add as end-to-end data networks innovator," Agarwal added.

Ahead of the announcement, shares of Sterlite Technologies closed Wednesday's trade at Rs 111 apiece, up 1.69 per cent, on the BSE.

By Chitranjan Kumar

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