Sterlite Tech plans Rs. 1,200 cr investment for new OFC plants.

Buoyed by growth in net profit, optical fibre firm Sterlite Tech plans to invest up to Rs. 1,200 crore to scale up its optical fibre cable production in two years.

“Earlier we had announced increase of OFC production to 30 million route kilometres from 22 million but based on growth demand we have decided to scale it up to 50 million Rkm with investment of Rs 1,000-1,200 crore by mid-2019,” Sterlite Tech CEO Anand Agarwal told PTI. He said that around 15 million Rkm facility entailing investment of about Rs. 1,000 crore will be build in India and the rest in China. “This will be a greenfield facility. We will decide on locations in three months,” Agarwal said. The company today posted 16.27 per cent jump in net profit to Rs 63.66 crore for the March quarter mainly on account of demand for fibre to build high speed networks. The company had posted a net profit of Rs 54.75 crore in the January-March period of the previous fiscal, 2015-16. “We are seeing huge demand for high speed networks across globe. Our exports increased 75 per cent from about Rs 550 crore to Rs 950 crore in 2016-17.

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