Sujana Towers picks up 51% in Mauritius company
Sujana Towers, the power and telecom towers subsidiary of the Sujana Group, has acquired 51% stake in Telesuprecon.
By ET Bureau |
MUMBAI: Sujana Towers (STL), the power and telecom towers subsidiary of the Sujana Group, has acquired 51% stake in Telesuprecon, a Mauritius-based firm, which executes telecom infrastructure projects in Central and East Africa.
The Hyderabad-based company acquired the stake by subscribing to new equity shares issued by Telesuprecon. ���No money is being paid to the existing promoters. STL will support the company by providing the required working capital, including guarantees,��� Sujana Group director S Hanumantha Rao said at a press conference in Mumbai on Wednesday.
���The promoters will continue to be associated with the company in a professional capacity and will support its operations,��� he added.
Telesuprecon is in advanced stages of negotiations for securing telecom infrastructure contracts worth around $40 million in various Central and East African countries. These orders are to be executed over the next 12-21 months.
The Hyderabad-based company acquired the stake by subscribing to new equity shares issued by Telesuprecon. ���No money is being paid to the existing promoters. STL will support the company by providing the required working capital, including guarantees,��� Sujana Group director S Hanumantha Rao said at a press conference in Mumbai on Wednesday.
���The promoters will continue to be associated with the company in a professional capacity and will support its operations,��� he added.
Telesuprecon is in advanced stages of negotiations for securing telecom infrastructure contracts worth around $40 million in various Central and East African countries. These orders are to be executed over the next 12-21 months.
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