Thursday, June 19, 2008

Sujana Towers buys African company

Mumbai, June 18 Sujana Towers Ltd, (Ylamanchili Chowdary Chairman & MD) part of the Sujana Group, has acquired of 51 per cent shareholding in an African telecom infrastructure company, Telesuprecon.

Mr S. Hanumantha Rao, Director, Sujana Group, said while the share capital of the Mauritius-based company was $1,000, the investment from Sujana Towers would be close to $21 million.
“The acquisition of 51 per cent shareholding was by way subscription to new equity shares issued by Telesuprecon. Thus no money is being paid to the existing promoters and they continue to be associated with the company.

“The equity subscription by STL was made at par. As per the agreement with the other promoters, STL will support the company by providing the required working capital, including guarantees,” he said.

Telesuprecon has its operational headquarters in Nairobi.

Telesuprecon is in advanced stages of negotiations for contracts worth $40 million. These orders are to be executed over the next 12-21 months, Telesuprecon has been executing telecom infrastructure projects for the last 15 years in Tanzania, Kenya, Malawi, South Africa and Nigeria, he said.

“This deal facilitates better synergy between STL and the African subsidiary and enables STL to realise its goal of becoming a global player in the telecom and power transmission infrastructure business,” said Mr V.S.R. Murthy, Group Director.

STL was formed by the de-merger of tower division of Sujana Metal Products Ltd. The company completed capacity expansion of the galvanized tower facility at Hyderabad to 1,28,125 tonnes a year last year.

STL is setting up a new facility at Gummidipundi in Chennai (Tamil Nadu) with a capital expenditure of Rs 150 crore.

Post a Comment