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Sujana Towers buys stake in Mauritius firm

Sujana Towers buys stake in Mauritius firm
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First Published: Thu, Jun 19 2008. 12 47 AM IST
Updated: Thu, Jun 19 2008. 12 47 AM IST
Mumbai: Power and telecom towers maker Sujana Towers Ltd on Wednesday said it had bought 51% in Mauritius-based Telesuprecon Ltd, which executes telecom infrastructure projects in East and Central Africa.
Sujana will subscribe to new equity shares issued by Telesuprecon, at par value.
“This deal gives us readymade access to the African markets and is a step forward in our goal to be a global player in the telecom and power transmission infrastructure sector,” group director V.S.R. Murthy said.
The Mauritius firm has about $40 million (Rs172 crore) worth of projects in the pipeline for which Sujana is providing working capital and guarantees of $21 million.
“We have already started providing them the working capital required for the projects,” director S. Hanumantha Rao said. The company is also investing Rs150 crore in a new facility in Chennai. Shares in Sujana gained 8.2% to close at Rs102.25 on the BSE.
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First Published: Thu, Jun 19 2008. 12 47 AM IST