September 29, 2014
Sterlite technologies entered into a Joint-venture with Japan’s VISCAS Corporation with an aim to address the growing extra high voltage power cabling requirement in India. As part of the JV agreement, VISCAS Japan will invest into the existing Power cable facility of Sterlite in Haridwar which is already serving the MV/HV Power Cables customers in India.
The joint venture will help Sterlite to tap the growing HV/HEV power cabling requirements in the country by offering integrated Overhead, Underground transmission & distribution networks with smart grid enablers as OPGW/ communication products. The country is implementing HV/EHV solutions in transmission and distribution segment of power to enhance efficiency and will require specialized technologies to address this need.
The closure of the transaction would be subject to necessary approvals. Axis Capital Ltd. acted as sole financial advisor to Sterlite Technologies Ltd.
Sterlite Technologies Limited (STL) develops and delivers products, solutions and infrastructure for telecom and power transmission networks, globally. STL’s business areas consist of Optical Fiber, Fiber Optic Cables, Power Conductors and HV / EHV Power Cables through its operations in India, China & Brazil.
VISCAS Corporation formed in 2001, is a 50:50 Joint venture partnership between Furukawa Electric Co. and Fujikura Ltd. Headquartered in Japan, VISCAS is a leading firm of power transmission and distribution systems in the world.