Sterlite Technologies to go slow on Rs 300-cr expansion of cable manufacturing units; likely to start in March next year
Sterlite Technologies has also said exports from India have commenced to Europe, Middle East and Latin America.
New Delhi: Data network solutions provider Sterlite Technologies has said it will go slow on the proposed Rs 300 crore expansion of cable manufacturing units in India and Italy, following global coronavirus pandemic.
The expansion, which was slated to begin in June this year, will now start around March 2021, when there is greater clarity on the business environment, Sterlite Technologies Group CEO Anand Agarwal told PTI.
"We have a plan of expanding cabling facility but we have slowed that down, we are currently looking at supply-demand scenario...," he said.
The Rs 300 crore expansion blueprint of cable manufacturing units in India and Italy entailed increasing the capacity from 18 million to 33 million fibre kilometres, he said adding, "we have delayed that plan by 6-9 months".
"...it was supposed to start by June 2020 but we delayed by 6-9 months. Now, it will start by March 2021," he said.
With its portfolio spanning optical fibre and cables, network design and deployment as well as network software, Pune-based Sterlite Technologies positions itself as integrated solutions provider for global data networks, with optical preform, fibre and cable manufacturing facilities in India, Italy, China and Brazil.
It is currently operating at at 60-65 percent of its global production capacity and has put in place measures to ensure that staff on duty at its units adhere to social distancing norms and come in staggered shifts.
The data network solutions provider is hopeful that its global production capacity will reach near pre-COVID levels by May-end, if calibrated moves to reopen economies and businesses proceed as per expectation.
The company -- which designs and deploys high-capacity converged fibre and wireless networks -- has also said exports from India have commenced to Europe, Middle East and Latin America.
The manufacturing units in India produces preform, fibre and cable, while China unit focuses on fibre, and Italy and Brazil units on cables.
In India, economic and business activities are now restarting outside containment zones, and partial movement has resumed within states, in the third phase of lockdown.
The government has earlier announced extension of nationwide lockdown due to coronavirus pandemic till 17 May.
As on Monday, the death toll due to coronavirus pandemic stood at 2,206, while the cases have risen to 67,152 in the country.
The health minister chaired a meeting with key experts and officials on COVID-19 and vaccination situation in the country on Thursday
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The main finding — 19.8 million COVID-19 deaths were prevented — is based on estimates of how many more deaths than usual occurred during the time period. Using only reported COVID-19 deaths, the same model yielded 14.4 million deaths averted by vaccines