Composite Technology Corp. (CPTC.OB) Subsidiary Signs Agreement with Sterlite for Distribution of ACCC Conductors in India
Today, Composite Technology Corp. announced that its subsidiary, CTC Cable Corp. has established an agreement with Sterlite Technologies Limited. Under the conditions of the agreement, Sterlite will manufacture ACCC® conductors for sale in the Indian market; there is also the possibility that the companies will work together to support sales in other markets.
The agreement covers a six-year period with provisions to extend beyond the initial term. Sterlite is positioned to be the only qualified Indian strander supplying the Indian market for a fixed period as long as the company can achieve sales volumes. The agreement does not prevent licensed manufacturers located outside India from selling ACCC conductors into the Indian market or other Indian manufacturers from qualifying to strand ACCC conductors and selling outside India.
Sterlite COO-Power, Rajendra Mishra, commented, “ACCC conductors offer India a unique ability to increase the current carrying capacity of existing lines and to significantly improve the overall economics on new lines. Sterlite has been partnering with the latest technology providers in the overhead transmission line market to supply customers with proven efficiencies. Our agreement with CTC to use the ACCC technology brings one of the latest aerospace technologies to the opportunities in the transmission industry. We hope to use this invention to offer appropriate high-end solutions to our customers in India and globally.”
Stewart Ramsay, President of CTC Cable, added, “India is an important market for our product. The combination of energy efficiency with the ability of ACCC conductor to increase the delivery of current will greatly reduce transmission losses on the Indian transmission and distribution grids. India needs to increase current carrying capacity on its grid rapidly to keep pace with economic development and ACCC conductor will allow this to be done faster by saving time in bringing power online sooner and saving power generation costs over the long term. We are very pleased to have Sterlite as a partner in meeting the needs of the Indian market. Sterlite has an excellent team with great technical capabilities and its aggressive plans for a high performance technology like ACCC conductors match our own. We are pleased and impressed with Sterlite’s willingness to commit to aggressive sales goals in the India market.”
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