Sterlite Technologies’ share price jumped almost 6 per cent in intraday trade on the BSE on Tuesday, April 1, after the company announced the completion of the demerger of its global service business. Sterlite Technologies’ share price opened at ₹81.50 against its previous close of ₹80.96 and jumped 6 per cent to the level of ₹85.80. Around 1:35 PM, the stock traded 4.46 per cent up at ₹84.57.
During market hours on April 1, the company announced through an exchange filing that it had successfully completed the demerger of its global services business.
The company’s services business will transition from Sterlite Technologies to STL Networks under the brand name “Invenia.”
“This milestone marks the culmination of a strategic initiative to create two specialised, future-ready organisations poised for accelerated growth,” said the company.
According to the company, the demerged entity- STL Networks- has delivered substantial value to its customers over the past decade.
“With its capability to build large-scale, IT infrastructure-led digital ecosystems, the business has been making significant strides in India and the UK. It has played a pivotal role in India’s digital growth story, blending the spirit of nation-building and digital infrastructure creation,” said the company.
“Over 1.35 lakh km of optical fibre network have been deployed nationwide in 23 states, positioning STL Networks as a trusted partner for delivering critical connectivity solutions,” the company said.
This demerger will enable STL and STL Networks—to grow independently with enhanced agility and sharper focus on their respective customer segments. Both businesses will have dedicated leadership teams. Rahul Puri will lead as the CEO of Optical Networking Business at STL, and Pankaj Malik will be the CEO of STL Networks, said the company.
More to come…
