Ortel Communications Sells 8 Percent Stake To SREI
By Nikhil Pahwa - Mon 22 Oct 2007 12:56 AM PST
Ortel Communications has sold 8 percent stake for an undisclosed amount to the SREI group, reports Indiantelevision.com. The report doesn’t mention how much money has been raised. The company is working on a commercial rollout of VoIP services, expansion of broadband ops, and expects revenues to grow from Rs. 370 million to Rs. 500 million this fiscal.
Ortel, promoted by the Panda family of Orissa which has businesses in mining, power generation etc, currently has operations in Bhubaneswar, Cuttack, Rourkela, Puri, Paradip and Sambalpur. The company had earlier raised debt of Rs. 250 million to fund its expansion. Other promoters/investors include VC firm Actis, which owns around 13 percent stake, state bodies OSEDC, IPICOL and NRI investors via FCL. Details here.
Posted in: Broadband, JV & Investment, Operators
