Ortel Plans To Raise Rs 60 Crore From NSR-PE Mauritius
By Nikhil Pahwa - Thu 07 Feb 2008 09:27 PM PST
[by Cerius Shah] The Orissa based Panda family promoted Ortel Communications is planning to divest stake to raise Rs 60 crores. The sale is planned to be to NSR-PE Mauritius. Funds will be used to expand within and outside Orissa according to this ET report. Ortel’s core business is building and laying out a fibre network over which it serves cable and internet. It has also applied for a telecom license, and was working on a commercial rollout of VoIP services, expansion of broadband ops. We had earlier covered their sale of 8 percent stake to SREI. Other promoters/investors include VC firm Actis, which owns around 13 percent stake, state bodies OSEDC, IPICOL and NRI investors via FCL.
Posted in: Venture Capital
