India's STL lets go of 100 employees, including senior execs – reports

Media reports say STL Technologies, one of the best known Indian telecom vendors, has asked 100 employees to leave amid restructuring and dwindling business.

Gagandeep Kaur, Contributing Editor

October 16, 2023

2 Min Read
Gold colored fiber optic illustration.
(Source: Panther Media GmbH/Alamy Stock Photo)

STL Technologies, a prominent Indian telecom vendor, has asked 100 of its employees, including senior executives, to leave the company because of restructuring as well as declining business, according to media reports.

The senior executives who have recently left the company include Chief Marketing Officer Manish Sinha; CFO Pankaj Aggarwal; Chief Information Officer Manuj Desai; and Jitendra Balakrishnan, who was the head of R&D. The company also witnessed the departure of its former CEO KS Rao last year, while Chief Operating Officer Anand Agarwal and CFO Mihir Modi left in 2021.

STL started its journey as an optical fiber cable manufacturer and later started offering other solutions, including 5G, fiber-to-the-home (FTTH) and open RAN solutions, among others.

Its business is now divided into three divisions – optical networking, global services, and digital and technology solutions. Almost 80% of the revenue continues to come from the optical networking division. 

Expanding manufacturing

The company's managing director, Ankit Agarwal, had mentioned in an interview with Bloomberg earlier this year that STL would be investing 8 billion Indian rupees (US$96 million) by the end of the current financial year to expand its optical fiber manufacturing capabilities. Last month, STL announced an investment of $56 million to open its optic fiber and cable manufacturing unit in South Carolina. 

Today, STL also launched Estelan, an end-to-end solution in fiber and copper cable connectivity to help businesses modernize and digitalize their network infrastructure. Earlier this year, the company had announced a foray into the IT services industry with STL Digital.

The company, meanwhile, announced the sale of its telecom products software business to the US-based Skyvera, an affiliate of TelcoDR, earlier this year. It also divested its data center connectivity business IDS to Hexatronic last year.

The news of STL Technologies handing pink slips to 100 employees doesn't bode well for the burgeoning Indian telecom vendor ecosystem. The company is seen as one of the few Indian companies that have made a mark in the global sector. The government is, meanwhile, trying to push the sector to reduce its reliance on imported telecom gear and to promote the principle of self-reliance.

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About the Author(s)

Gagandeep Kaur

Contributing Editor

With more than a decade of experience, Gagandeep Kaur Sodhi has worked for the most prominent Indian communications industry publications including Dataquest, Business Standard, The Times of India, and Voice&Data, as well as for Light Reading. Delhi-based Kaur, who has knowledge of and covers a broad range of telecom industry developments, regularly interacts with the senior management of companies in India's telecom sector and has been directly responsible for delegate and speaker acquisition for prominent events such as Mobile Broadband Summit, 4G World India, and Next Generation Packet Transport Network.

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