|We are delighted to share the news that we will be merging Elitecore Technologies into Sterlite Technologies ($500m market cap and listed on the BSE and NSE), a part of the Vedanta Group. Vedanta is one of the largest diversified natural resource company and is rated 21st in the list of India’s top 500 most valuable companies (Refer: BT Top 500, Year 2014)
By joining Sterlite Technologies, we have laid the foundation for our future success and growth to the benefit of all our customers, partners and stakeholders.
The merger would strengthen Elitecore’s position in the BSS/ OSS space and increase our global footprint. The move would add momentum to innovate and deliver best-of-breed next generation solutions and help us leverage Sterlite’s global reach, delivery capabilities and financial strength. This consolidation will capitalize on the growing next generation 4G/LTE roll outs, smart city and digital media space.
Pravin Agarwal, Vice Chairman, Sterlite Technologies Ltd., said, “We are excited to welcome Elitecore’s customers and partners into the Sterlite family. The acquisition is a lever for Sterlite to create inflections in the telecom arena that are in line with Sterlite’s long-term goals of being an integrated telecom solution provider.”
Nikhil Jain, MD & CEO of Elitecore Technologies said, “As the role of BSS is becoming critical to succeed in today’s evolved next generation telecom market, the combined entity is strongly positioned to support our customers transform with our industry leading product and services.”
For us the business goals and focus area remains the same. Our commitments and engagement with all our partners and customers will remain as usual. There would be no change in management structure or in current agreement executed with all our partner and customers.