Sterlite

Sterlite Tech to pay Rs 4 cr to Data Management Centre for settling dispute

Broadband technology firm Sterlite Technologies has agreed to pay USD 4,67,400 (about Rs 4 crore) to the Data Management Centre for dispute settlement, a regulatory filing said on Monday. Data Management Centre had claimed damages worth USD 2.7 million (about Rs 23 crore) before Singapore International Arbitration Centre against Sterlite Technologies (STL) for delay and failure by the broadband technology to meet obligations under their agreement. "Without admission of liability, a Settlement Agreement was executed between the Parties wherein Sterlite agrees to pay DMC a net sum of USD 4,67,400 towards full and final settlement of all claims between the parties," the filing said. STL is engaged in the business of manufacturing and selling optical fibre cables. Shares of the company closed at 131.15 apiece, down by 0.3 per cent at BSE on Monday.

US court asks Vedanta-backed Sterlite Tech to pay $96.5 mn to Prysmian

An American court has ordered Vedanta Group-backed Sterlite Technologies' overseas arm to pay USD 96.5 million, about Rs 810 crore, in damages to US-based Prysmian for violating trade secrets norms, according to a regulatory filing and plaintiff's statement. Additionally, the court has awarded USD 200,000 penalty on Stephen Szymanski, Sterlite Technologies Inc (STI) Executive Vice President for Americas Region, for misappropriation of trade secrets of Prysmian. STI is the US subsidiary of Sterlite Technologies (STL) which has contested the judgement and may file an appeal against it. Prysmian in a statement said a South Carolina jury on August 9 ordered in favour of Prysmian following a three-week trial in the district court of Columbia, South Carolina. "The jury found that Sterlite was unjustly enriched by taking Prysmian's trade secrets and awarded USD 96.5 million in damages against Sterlite Technologies, Inc. In addition, the jury found that Stephen Szymanski had been unjustly

Sterlite Power gets stakeholders' nod to demerge its biz into 2 entities

Move to unlock funding avenues for the power equipment business: MD Pratik Agarwal

Sterlite Power appoints Reshu Madan as CEO Global Products and Services Biz

Sterlite Power on Monday announced appointment of Reshu Madan as CEO of the company's Global Products & Services Business. His appointment is effective from May 1, the company said in a statement. Madan takes over the charge from Manish Agarwal who has decided to pursue an opportunity outside the company. He will report to company's Managing Director Pratik Agarwal, it said. Madan has spent over 25 years in leadership positions across power and infrastructure. Over the last five years at Sterlite, he has driven the growth of the company's power cables vertical. "I look forward to collaborating with our talented team and valued customers to unlock this potential and deliver clean energy solutions on a global scale," Madan said. Sterlite Power is a leading private sector power transmission infrastructure developer and global products and services (GPS) provider. The GPS business manufactures and supplies high-performance power conductors, extra-high voltage, high voltage and mediu

Nokia, Sterlite Tech to develop digital solutions for govt, enterprises

Finnish telecom and IT company Nokia on Monday said it has partnered with Sterlite Technologies (STL), an optical and digital solutions company, to enhance networking and digital solutions for government institutions and enterprises. The partnership will also focus on government-driven connectivity projects to offer connectivity and networking solutions, Noika said in a statement. "The collaboration will accelerate the Industry 4.0 revolution. By leveraging these solutions, businesses can gain a competitive edge and drive transformation with disruptive technologies," the statement said. Both companies will strengthen enterprise networks, providing high-speed, high availability, low-latency connections for applications such as 5G, IoT ( Internet of Things), data centre interconnect, supply chain efficiency, real-time data analytics, and generative AI use cases, according to the statement. "STL's extensive experience in connectivity solutions, coupled with Nokia's technological stren

Green energy firm Serentica Renewables secures $250 million from KKR

Sterlite Power-backed firm to look at data centres, pharma cos, export industries for growth

Sterlite Power bags orders worth Rs 3,800 crore from April to December

Sterlite Power on Monday said it has bagged orders worth Rs 3,800 crore in the first three quarters of this fiscal, which is 90 per cent higher than a year ago. The orders were bagged by the solutions' business unit in the domestic and international markets during the first three quarters FY23, showing a growth of 90 per cent growth compared to the same period of FY22, a company statement said. Sterlite Power is a leading power transmission developer and solutions provider. The new order wins are for the uprate of existing power transmission lines for 132 kV, 220 kV and 400kV of Power Grid Corporation of India (PGCIL) and state utilities like Meghalaya Power Transmission Corporation Ltd (MePTCL), and West Bengal State Electricity Transmission Company Ltd (WBSETCL), it said. For Haryana Vidyut Prasaran Nigam Ltd (HVPNL), the company will supply and install OPGW for fiberization of the state's existing transmission network for 66 kV, 132 kV, 220 kV and 400kV. In the products busines

Bullish about India market scope, biz prospects from 5G: Sterlite Tech MD

Agarwal said that right spectrum pricing will act as catalyst for 5G rollout

Pass resolution in TN Assembly to shut Sterlite permanently: Kamal Haasan

Actor and politician has called upon Tamil Nadu government to to permanently shut down the copper plant at Thoothukudi.

BSE Smallcap index hits 31-month high; Paisalo Digital zooms 53% in 4 days

SORIL Infra, Paisalo Digital, Fineotex Chemical, Rupa & Co, Borosil Renewables, Nava Bharat Ventures and Hindustan Foods rallied up to 20% on the BSE in intra-day trade

Sterlite Technologies Q3 net profit at Rs 91 cr, revenue at Rs 1,203 cr

Its consolidated revenue stood at Rs 1,203 crore during December quarter as against Rs 1,335 crore in the corresponding quarter of 2018-19

New green energy corridors witness 50% reduction in project costs

Adani, Sterlite, PowerGrid win key projects connecting renewable areas

Madras HC judge recuses from Vedanta's plea to reopen Sterlite plant

Justice Sasidharan recused himself stating that he had earlier heard the matter in Madurai Bench of the Madras High Court

Sterlite seeks new panel for inspection of Tuticorin plant; TN govt opposes

The company has also made an interim prayer for permission to take up maintenance work

Relief for Vedanta; Supreme Court clears reopening of Sterlite copper unit

NGT had ordered reopening of Vedanta's Sterlite copper unit

Vedanta moves Supreme Court against Madras HC order on Sterlite plant

High Court had stayed National Green Tribunal's order asking for copper plant to be reopened.

Copper industry body hails NGT order to reopen Sterlite's Tuticorin plant

ICA believes reopening of the smelter unit will bring relief to the downstream and ancillary industry

Sterlite Copper to approach TN govt for consent to reopen Tuticorn plant

The NGT Saturday set aside the Tamil Nadu government order for closure of the copper unit at Tuticorin, saying it was "non sustainable" and "unjustified"

NGT orders reopening of Vedanta's copper plant, TN govt to approach SC

The NGT has asked Vedanta to spend Rs 1 billion within a period of 3 years for welfare of the inhabitants in the area

NGT panel inspects Sterlite copper plant in TN, conducts public hearing

The Tamil Nadu government on May 28 on environmental grounds in the wake of protests by locals