Sterlite Technologies up 4% as arm acquires 13% stake in Israel-based ASOCS

In the past month, Sterlite Technologies has outperformed the benchmark Sensex by gaining 4.6 per cent. In comparison, the index added 2.3 per cent till Thursday.

Sterlite Technologies advanced 4.4 per cent to Rs 129.8 on the BSE on Friday after the company announced that its wholly-owned subsidiary Sterlite Global Venture would acquire 12.8 per cent stake in ASOCS, a vRAN technology company based out of Israel.

According to the company's exchange filing, ASOCS is a pioneer in virtual Radio Access Networks (vRAN) and a provider of "fully virtualized, NFV-compatible virtual Base Station solutions for Enterprise and Telco-Networks".

The company did not disclose the transaction value, but said that the cash consideration would be paid in two tranches, one as on date, and one in May 2020.