Sterlite Technologies Limited, has entered into a Joint-Venture agreement with VISCAS Corporation, a leading Japanese company specialized in providing power transmission and distribution systems solutions globally. As part of this 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.
This venture is an important milestone in sustaining Sterlite's leadership in power transmission & distribution sector with an objective of addressing the growing extra high voltage underground power cabling requirements in India. It also strengthens the unique positioning of Sterlite, in offering integrated Overhead, Underground transmission & distribution networks with smart grid enablers as OPGW/ communication products.
"This partnership has the potential to attain leadership in the HV/EHV Cables market in India in next 2-3 years. 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. Both the companies share a common vision and bring together complementary strengths for this venture" said Mr. Pravin Agarwal, Whole-Time Director, Sterlite Technologies Limited.
The closure of the transaction would be subject to necessary approvals. Axis Capital Ltd. acted as sole financial advisor to Sterlite Technologies Ltd.