Vedanta arm Sterlite Tech to invest Rs 900 cr over next one yr

Vedanta Group firm Sterlite Technologies, which is into heavy electrical equipment in the power and telecom sectors, will be investing up to Rs 900 crore in the next 12 months.
"We have a plan of investing Rs 8,000 crore till FY19 and we will invest Rs 800-900 crore in the next one year as part of the same plan," company's chief executive Anand Agarwal told PTI.
He said the company is undertaking multiple projects as part of an eight-year plan, which will be implemented as part of the capex plan.
The company, which is 55 per cent owned by a holding company owned by mining and resources major Vedanta Group, will raise around three-fourths of the capital requirement by raising debt, while the rest will be equity, he said.

The company has reported a marginal increase in the September quarter net income at Rs 13 crore as against Rs 12 crore in the year-ago period.
Agarwal said the profit growth has been restricted by interest payment of Rs 42 crore during the quarter as against Rs 16 crore a year ago.
"We are in the investment phase, therefore we are devoting a lot of resources to debt payments. The investments we are putting in will start delivering returns soon," he added.