Sterlite invests $56 million in US fiber facility, targets 10-12% market share

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Sterlite invests $56 million in US fiber facility, targets 10-12% market share

Sterlite invests $56 million in US fiber facility, targets 10-12% market share

Industry News
Sep 18,23

This facility will also serve as the company's North American headquarters, marking a significant milestone for Sterlite.

Sterlite invests $56 million in US fiber facility, targets 10-12% market share

Sterlite Technologies has inaugurated its state-of-the-art optic fibre and cable manufacturing facility in South Carolina, accompanied by a $56 million investment. This facility will also serve as the company's North American headquarters, marking a significant milestone for Sterlite.

This substantial investment and expansion underscore Sterlite's unwavering commitment to the US market, with a particular focus on addressing the escalating demand for 5G infrastructure, fibre-to-the-premises connectivity, and rural broadband solutions. Ankit Agarwal, the Managing Director of Sterlite, expressed confidence in the prospects of the US market, projecting it to be the world's fastest-growing market. He emphasised Sterlite's intent to establish a robust presence in the region, serving clients such as Windstream and TrueVista while strengthening their partnerships.

Spanning an impressive 168,000 square feet, the new facility will bolster Sterlite's total fibre manufacturing capacity from 33 million kilometres to an impressive 42 million kilometres, with cable manufacturing capacity increasing to 50 million kilometres.

This strategic move is anticipated to capture a substantial 10-12% share of the US market while positioning Sterlite as a formidable contender among the top three global firms in its industry. Agarwal also highlighted that Sterlite's investment in the US market will facilitate "friend-shoring" and enable the company to tap into local incentives for manufacturing.

Sterlite is set to commence production and supply to both rural and urban areas, offering high-speed connectivity exceeding 1 Gbps. Moreover, the company's efforts have resulted in a 15-20% reduction in the cost of home connectivity, making it more accessible and affordable to a broader spectrum of consumers.

Source: Mint