Sterlite Technologies picks up stake in Israeli firm, share price up 4%

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Sterlite Technologies share price rose more than 4 percent in the early trade on January 10 after it acquired a stake in an Israel-based company.

Sterlite Global Venture (Mauritius), a wholly owned subsidiary of the company, entered into definitive agreements to acquire 12.8 percent stake (on issued and outstanding basis) in ASOCS, a vRAN technology company based out of Israel, a press release said.

The privately held company is a pioneer in virtual Radio Access Networks (vRAN) and a provider of fully virtualised, NFV-compatible virtual base station solutions for enterprise and telco networks.

The stake has been bought for cash consideration paid in two tranches, one as on date and the other in May 2020.

"We are incredibly excited to invest in ASOCS and believe that the partnership will enable STL and ASOCS to bring end-to-end capabilities for a converged network (i.e. both wireless and wireline) to market. Together, we can offer full-stack solutions to Enterprise and Telco customers, including STL’s services and system integration capabilities,” Group CEO of Sterlite Technologies Dr Anand Agarwal said.

At 0917 hours, Sterlite Technologies was quoting at Rs 128.75, up Rs 4.50, or 3.62 percent, on the BSE.