Sterlite Technologies has entered into a joint venture for the manufacture of optical fiber cable in Brazil with Conduspar Condutores Eletricos.
The two companies will hold 50% share each in the new entity, according to a press release from Sterlite. A facility will be created in Curitiba, located in the state of Parana in Brazil. The production will be aimed at the Latin American market-described by the company as one of the fastest growing market for fiber cable.
Pravin Agarwal, Whole-time Director, Sterlite Technologies Limited suggested that the Latin American market is a significant segment for the company.
“Latin America is an important market for us from a growth perspective and we are pleased to have this joint venture with a strong and reputed partner like Conduspar. Both the companies share a common vision and bring together complementary strengths for this venture,” he said in the press release.
Andre Abage, chief executive officer and promoter of Conduspar, is set to drive the joint venture, according to the release.
“We are very excited at the prospect of partnering with the Sterlite group. With Sterlite’s technology and expertise in the telecom cable domain and Conduspar’s local presence, we will create a formidable brand in this market,” he said in the statement.
The joint venture will begin production for commercial purpose by the first quarter of the financial year 2015.
