Anand Agarwal, chief Executive officer, Sterlite Technologies, on Monday said that fiber capacity will be expanded from 30 million to 50 million in two phases, after the company announced the acquisition of Italy-based Metallurgica Bresciana for 47 million euro.

In an interview to CNBC-TV18, Agarwal said the acquisition is inline with company's increasing global presence and is establishing manufacturing presence in Europe through this acquisition.

Agarwal said, "Now, we have manufacturing presence in India, China, Latin America and Europe and creates a full portfolio for us in terms of products as well."

The acquisition will be financed by 20% by accruals and about 80% by debt, which will be low cost euro debt, he added.