The acquisition will enable Sterlite to offer complete backend suite broadband solution to its telecom clients.
"We have entered into an agreement with Elitecore to acquire it for around Rs 180 crore in all cash deal. We expect this transaction to close by financial year 2017," Sterlite Technologies Vice Chairman Pravin Agarwal told PTI.
Elitecore is majorly owned by First Carlyle Ventures Mauritius, whose affiliate is advised by The Carlyle Group.
Upon completion of the transaction, Elitecore Technologies is proposed to be merged into Sterlite Technologies.
Also Read
"This acquisition offers us global expansion opportunity as well. Elitecore has two-third revenue from overseas business and one-third from India. The essential clients base of Sterlite and Elitecore is same which is telecom," Agarwal said.
"Elitecore's growth will benefit immensely from Sterlite's market access, geographic reach, delivery capability and financial strength," Elitecore Technologies MD and CEO Nikhil Jain said.