STL enters into transfer agreement to sell its Telecom Products Software business to Skyvera

Sterlite Technologies Limited, with reference to the company's earlier disclosure dated January 31, 2023 it was inter alia intimated that the company had entered into a business transfer agreement to sell its Telecom Products and Software business (TP&S) to Skyvera LLC through its Indian subsidiary.

The company stated in an exchange filing that the transfer is by way of slump sale as a going concern basis.

Subsequently, on account of certain revised commercial understanding amongst the parties, it has been agreed to implement the transfer of the TP&S business as an asset sale.

Accordingly, STL has signed an amended and restated agreement dated March 27, 2023 with Skyvera LLC and its Indian subsidiary in relation to transfer of the assets (“Amended and Restated Agreement”).

It is clarified that the aggregate consideration being received by STL under the revised transaction structure remains the same.