Sterlite Tech to pay Rs 4 cr to Data Management Centre for settling dispute

Broadband technology firm Sterlite Technologies has agreed to pay USD 4,67,400 (about Rs 4 crore) to the Data Management Centre for dispute settlement, a regulatory filing said on Monday.

Data Management Centre had claimed damages worth USD 2.7 million (about Rs 23 crore) before Singapore International Arbitration Centre against Sterlite Technologies (STL) for delay and failure by the broadband technology to meet obligations under their agreement.

"Without admission of liability, a Settlement Agreement was executed between the Parties wherein Sterlite agrees to pay DMC a net sum of USD 4,67,400 towards full and final settlement of all claims between the parties," the filing said.

STL is engaged in the business of manufacturing and selling optical fibre cables.

Shares of the company closed at 131.15 apiece, down by 0.3 per cent at BSE on Monday.