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Nortel invests $10 m in Sasken
By Our Staff Correspondent
MUMBAI,
APRIL 7.
Sasken Communication Technologies Ltd. (SCTL), engaged in telecom research and development, has received a $10 million equity investment from global networking giant, Nortel Networks. The company however, did not disclose the number of shares picked up by Nortel. Sasken plans to use this investment to fuel its growth through acquisitions.
Sasken is also planning to raise Rs. 100 crores through an initial public offering later this year.
The investment is expected to help bring in greater capabilities to customers in critical emerging markets of India and Asia Pacific. "This investment will strengthen Nortel's presence in India, an important market for the company," Rajiv Mody, Chairman, Sasken Communication, said.
Nortel would not have any controlling powers or nominate any director on the board of SCTL.
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