Sterlite Technologies Limited today announced that its Broad of Directors has approved plans to increase the company’s capacity to manufacture 20 million km of optical fibre from the current capacity of 6 million km, thereby making it among the top 3 manufacturers of optical fiber across the globe.

Sterlite already is in expansion phase to increase the capacity to 12 million km by the end of the current fiscal. The 20 million km capacity will become a reality by 2011 at an investment of $ 52 million (Rs 250 crore).

“The expansion would be done by through a combination of brown-field expansion at its existing facility in Aurangabad, and a green-field setup at a location that would soon be finalized,” said a company statement.

Dr Anand Agarwal, CEO & Director - Sterlite Technologies said, “Sterlite continues to be bullish on the optical fiber industry in Asia and globally. We would continue to leverage our global customer relationships and global presence, as well as the unique knowledge, expertise and infrastructural base created over the last 15 years in this business, to enhance our global market share in the growing optical fiber market.”

The Board Directors also approved issue of upto 73,00,000 warrants on preferential basis to the promoters and entities of promoter group at a price to be determined in accordance with the ‘Guidelines for Preferential Issues’ contained in Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000.