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Sterlite Technologies divests stake in IDS owing to ongoing portfolio realignment

STL will sell its ownership in IDS to Hexatronic Group AB for an initial payment and an earn-out upside as part of its strategic aim to play to its core.

September 27, 2022 3:09 IST | India Infoline News Service
As part of its unified strategy to focus on its main business sectors of optical solutions and global services, Sterlite Technologies Limited announced the disposal of Impact Data Solutions Limited (IDS), UK.

STL will sell its ownership in IDS to Hexatronic Group AB for an initial payment and an earn-out upside as part of its strategic aim to play to its core.

IDS has spent the last few years focusing on specific specialized sectors of the data-center business, notably inside-data-center connection and containment solutions.

This transaction will assist IDS to achieve future success while also allowing STL to enhance its core business and balance sheet. STL will continue to analyze non-core assets and make responsible decisions to rebalance its portfolio and optimize capital allocation in the future.

At around 3.12 PM, Sterlite Technologies was trading at Rs159.55 up by 0.03% from its previous closing of Rs159.50 on the BSE. The scrip touched intraday high and low of Rs161.95 and Rs154.30 respectively.

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