Mumbai, Jun 18 (UNI) Sujana Towers Limited (STL), a part of well diversified Rs 3,000 crore Sujana Group of Companies, today announced acquisition of 51 per cent shareholding in an African Telecom Infrastructure company, Telesuprecom, to reach out to the markets in East and Central Africa.
Speaking to reporters here, Sujana Group Director S Hanumantha Rao said the acquisition of 51 per cent shareholding was done through subscription of new equity shares issued by Telesuprecom.
Thus, no money is being paid to the existing promoters. The existing promoters continue to be associated with the Company in professional capacity and support its operations, he said.
The equity subscription by STL was made at par, as per the agreement with the other promoters. STL will support Telesuprecom by providing the required working capital, including guarantees. This deal facilitates better synergy between STL and the African subsidiary and enables STL to realize its goal of becoming a global player in the telecom and power transmission infrastructure business, he added.
Mr Rao said the acquisition is in line with STL's strategy to emerge as the premier provider of products and value-added services, pertaining to the sector in India, through capacity expansion, product diversification, augmenting EPC capabilities and strategic tie ups. STL is also setting up a new unit at Gummidipundi in Chennai at a capital expenditure of Rs 150 crore, Mr Roa added.
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