Sterlite Technologies Ltd. expects the acquisition of Italy-based Metallurgica Bresciana to strengthen its presence in the European market.
“Sterlite Tech’s presence in the overall European market was still small due to logistics concerns. With Metallurgica, we will gain strength in market access and capacity in Europe,” Sterlite Technologies Director and Chief Executive Officer Anand Agarwal told BloombergQuint in an interaction.
The optical fibre maker plans to acquire 100 percent stake in Italy-based Metallurgica Bresciana for about 47 million euros, according to its stock exchange filing on Monday. “The transaction is EPS (earnings per share) accretive from day one and the deal is expected to be closed in the coming two weeks,” the statement added.
The company also has its presence in countries such as China and Brazil, Agarwal said.