Ortel Raises Rs 60 Crores In PE Funding From New Silk Route
By Nikhil Pahwa - Mon 17 Mar 2008 02:24 AM PST
Ortel Communications, which provides telecom and broadcast services in the state of Orissa, has raised Rs. 60 crores from PE firm New Silk Route which has picked up 23 percent stake in the co, reports Indiantelevision.com. Ortel promoter Jagi Mangat Panda has confirmed the deal. Ortel had earlier sold 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. Post dilution, the promoters will hold 59 percent stake in the co, while SREI and Actis will hold a total of 18 percent stake. Last month, there had been reports that the co was divesting stake to NSR-PE Mauritius. The NSR deal effectively values Ortel at Rs. 2.61 billion, and Ortel isn’t planning to dilute any more stake. Instead, they’ll raise Rs. 1.25 billion of debt for funding a Rs. 2.5 billion expansion plan. Rajya Sabha MP Jay Panda is the Non-Executive Chairman of Ortel, and the company is owned by the Panda family.
Posted in: Operators, Venture Capital
