Optical fibre and telecom cable maker, Sterlite Technologies has signed an agreement to acquire India-based OSS/BSS firm, Elitecore Technologies for Rs180 crore. Sterlite, a part of the Vedanta Group, said that it has taken a strategic decision to capitalize on the growth in the broadband data network globally by offering a larger range of products and solutions especially focusing on the high value product segments. The acquisition widens Sterlite’s telecom portfolio to include operations support, business support and revenue management.
Commenting on the transaction, Pravin Agarwal, Vice Chairman, Sterlite Technologies, said, “The transaction follows our strategy to undertake attractive M&A opportunities in the entire telecom value chain. Elitecore has had an excellent performance record, with its management and employees having a wealth of experience and expertise in developing solutions for telecom companies. The acquisition is a lever for Sterlite to create new inflections in the telecom arena that are in line with Sterlite’s long-term goals of being an integrated telecom solution provider."
Nikhil Jain, MD & CEO of Elitecore Technologies said, “Elitecore’s growth will benefit immensely from Sterlite’s market access, geographic reach, delivery capability and financial strength."
