Sterlite Technologies, a provider of transmission solutions for the power and telecom industries, today

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said it has received a Rs 114 crore contract from BSNL for establishment of a broadband network in the state-run company's telecom circles.

The company will install and commission the system by the end of FY'13 and will manage this network for seven years thereafter, Sterlite Technologies said in a filing to the Bombay Stock Exchange.

The system, once completed, would be capable of handling about 1.6 million broadband connections, the company said.

This contract, valued at about Rs 114 crore, is the latest in a series of new orders worth about Rs 560 crore that Sterlite has bagged since July 1, 2011, the filing added.

"Sterlite has developed the capability to provide comprehensive solutions for the telecom and broadband sectors," Sterlite Technologies' Head–Systems Integration Business, Rahul Sharma, said.

Reacting to the news, shares of Sterlite Technologies were trading at Rs 41.80 apiece on the BSE, up 4.76 per cent from their previous close.

BSNL provides telecom services across India, barring the Delhi and Mumbai circles. As per Trai data, till July 31, the total subscriber base of the company stood at 95.14 million.

Sterlite Technologies offers products that includes power conductors, optical fibres, telecommunication cables and comprehensive telecom systems.