Sterlite Technologies Limited (BSE:532374) signed the definitive agreement to acquire remaining 25% stake in Jiangsu Sterlite Tongguang Fiber Co. Ltd. from Jiangsu Tongguang Information Co. Ltd. for CNY 55.7 million on June 29, 2022.

The consideration will be paid in cash. Post acquisition, Jiangsu Sterlite & Tongguang Optical Fibers will become a wholly owned subsidiary of Sterlite Technologies. The transaction is subject to approval by ChinaÆs State Administration for Market Regulations and ChinaÆs State Administration of Foreign Exchange and expected to close 90 business days from signing the agreement.