Sterlite Technologies rallies as company eyes another defense project

NEW DELHI: Shares of Sterlite Technologies gained as much as 8.50 per cent in intraday trade on Tuesday on reports that the company is eyeing another strategic project in the defense sector. The Anil Agarwal-led company had recently won a defence project worth Rs 2,500 crore.

The optical fibre manufacturer is also connecting defence establishments in Jammu & Kashmir with high-speed optical fibres.

"We are also vying for other defence projects. We already have one project for Rs 2,500 crore, which is essentially an army project. We have already bid for another army project worth Rs 7,000 crore," said Sterlite Technologies Non-Executive Chairman Anil Agarwal.

Agarwal, who is also the Chairman of mining giant Vedanta Resources, said the company is bullish on the defence sector.

The company's CEO Anand Agarwal said Sterlite produces state-of-the-art optical fibres, which can compete with the best globally.

"Our value proposition is among the best globally and above all, we fulfill the requirements for the 'Make in India' programme," he added.

Sterlite is also the biggest provider for Prime Minister Narendra Modi's ambitious BharatNet project, which is estimated to cost the government over Rs 72,000 crore.

(With inputs from PTI)