Sterlite Technology today said it has completed demerger of its power business and will now focus on its telecom business. “Today we have successfully completed demerger of power business from Sterlite Technology. Now, we will focus completely on telecom business.
Over last 5 years our telecom business has grown about 28 percent annually,” Sterlite Technologies CEO Anand Agarwal told PTI. The demerger scheme was earlier approved by the High Court of Mumbai on April 22, 2016 post approval by all relevant stakeholders of Sterlite Tech on December 15, 2015. The power entity has been named as Sterlite Power Transmission Ltd and will he headed by Pratik Agarwal. Both, Sterlite Technologies and Sterlite Power, will be controlled by business tycoon Anil Agarwal’s Volcan Investments. Volcan Investments is also the parent company of Vedanta Group.