Sterlite Tech is headquartered in Pune and is backed by the Vedanta Group. The corporate, through which mining group Vedanta led by Anil Agarwal holds a forty five% stake posted a lack of Rs 82 crore within the first quarter of fiscal 2025, on income of Rs 1,140 crore
What the courtroom says
In accordance with the report, a South Carolina jury discovered that Sterlite Tech has illegally obtained Prysmian’s commerce secrets and techniques, together with info on clients, new merchandise, and manufacturing growth plans.Italy’s Prysmian stated that hundreds of pages of paperwork have been even discovered within the possession of executives at Ankit Agarwal-headed Sterlite.
In a press release to the exchanges, Prysmian stated “The jury discovered that Sterlite was unjustly enriched by taking Prysmian’s commerce secrets and techniques and awarded $96,500,000 in damages towards Sterlite Applied sciences, Inc,”.
“As well as, the jury discovered that Stephen Szymanski had been unjustly enriched by misappropriating Prysmian’s commerce secrets and techniques and awarded $200,000 towards Mr. (Stephen) Szymanski, personally.”
Szymanski ran Prysmian’s optical fibre cable enterprise in North America. He later joined Sterlite, a direct competitor, in August 2020.
The ET report quotes Andrea Pirondini, Prysmian North America CEO, who stated “This case got here right down to the essential precept of proper versus improper, and we’re happy that the jury got here to this choice. It was clear that we had a stable case, and the jury choice confirms how America appears to be like on the safety of commerce secrets and techniques.”
What the corporate says
In a press release, STL stated it’s going to ‘aggressively’ problem the decision. In a US trade submitting, it stated ““STI reiterated its full dedication to the U.S. market and to its workers, distributors, gross sales brokers, and clients within the area, a number of of whom testified for STI within the trial”.
