NEW DELHI : Sterlite Technologies Ltd has invested $56 million and has officially opened its optic fibre and cable manufacturing facility in South Carolina, which will also serve as its North American headquarters, the firm said on Friday.
Sterlite’s investment as well as expansion efforts reinforces its commitment to the US market, specifically in meeting the demand for 5G, fibre-to-the-premises, and rural broadband solutions. “The US will be the fastest growing market globally and we will have a strong footprint in the market, supplying to Windstream and TrueVista, and strengthen our partnerships,” Ankit Agarwal, managing director, Sterlite, said. With the new facility spanning 168,000 square feet, its total fibre manufacturing capacity will increase to 42 million kilometres (km) from the current 33 million km, and cable manufacturing capacity will rise to 50 million km.
The US plant will also help in grabbing 10-12% of US market share, while helping it take a shot at becoming among the top three global firms. Agarwal said the Indian firm’s investment in the US market will be enabling ‘friend-shoring’ and help garner local incentives for manufacturing. The company will start producing and supply to rural and urban areas, offering speeds of over 1 Gbps, he added. Sterlite has lowered the cost per home, making it affordable by 15-20%.
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Updated: 16 Sep 2023, 12:12 AM IST