Panatone Finvest Limited, a Tata Sons subsidiary, will  be buying a 43.3 percent stake in the global optical, broadband and data networking products firm, tejas networks, for a total value of Rs 1,850 crore. Panatone is the investment arm of Tata Sons' and also the promoter body of Tata Communications.

Tejas Networks stated that Panatone and other companies of the Tata Group will make a public announcement for acquiring up to 40.3 million equity shares, which represents 26 percent of the voting capital, according to SEBI's regulations.
 
"It is a very large opportunity for tejas Networks in the telecom sector both in global markets and in india with the new investments in fiber-based broadband rollouts and in 5g technology. tejas Networks will utilize the funds raised from the preferential allotment  and will invest organically and otherwise in the sales and marketing, people, infrastructure, research & development and to enhance its operational and  manufacturing capabilities needed to cater to this large market opportunity,"  Tejas offical statement said.

Sanjay nayak, Managing director and CEO at tejas Networks said: “Tejas Networks started with a vision to create a top-tier global telecom equipment company in India. The association with Tata group will amplify this vision, and am excited about next phase of our journey.”

After the takeover too, Sanjay nayak will continue as Chief Executive Officer and Managing director to lead tejas Networks through the next phase of growth.

మరింత సమాచారం తెలుసుకోండి:

Tata Sons subsidiary to buy 43.3% stake in Tejas Networks for Rs 1 850 cr

Shaik Abdul Sammad

29/07/2021 09:31 PM