Mumbai: Global provider of optical fibers Sterlite Technologies on Monday said it has bagged a contract Rs24 crore (of $5.2 million) from a telecom firm in Sub-Sahara Africa.
In a filing to the Bombay Stock Exchange, Sterlite said under the contract it would deploy cables for the company for the expansion of telecom backbone infrastructures. The project would be executed within financial year 2008-09.
“A key aspect of our growth strategy has been a concerted focus on high-growth and developing markets.
The African market has reported a Compound Annual Growth Rate (CAGR) in demand of about 10% between 2004 and 2008, with the demand being prompted by new inter-city backbones deployed incumbents and alternative operators such as power utilities, oil and gas pipeline owners and highway authorities,” Sterlite Technologies COO KS Rao said.
Sterlite’s telecom and power product have been sold in 24 countries across Africa. It has a firm market share of about 14% for bare overhead power conductors and a growing market share of about 10% for optic fire cables, the filing added.
In order to the growing needs of the company’s customer in Africa, it has recently open its sale and marketing office in Johannesburg.
Earlier this month, the company had received a Rs24 crore order from state-run telecom major Bharat Sanchar Nigam Ltd (BSNL) for supplying optical fiber cables.
Shares of Sterlite Technologies were trading at Rs78.10, up 4.13% on the BSE.