Expect all approvals for Optotec buyout by December-January: STL Group CEO

NEW DELHI: Digital networks integrator Sterlite Technologies Ltd (STL) expects to receive all statutory approvals for its planned acquisition of Italy-based Optotec by December-January, STL Group CEO Anand Agarwal said.

The company recently announced that it will acquire Optotec, an optical interconnect products company, at an enterprise value of 29 million euros (over Rs 250 crore).

Of this, about 60-70 per cent (up to Rs 150-175 crore) would be funded by way of foreign currency debt instruments, and rest via internal accruals, Agarwal told PTI.