The Hindu Business Line : Nortel invests $10 m in Sasken

TELECOM research and development outsourcing company Sasken Communication Technologies has received an equity investment of $10 million (Rs 45 crore) from global telecom giant Nortel Networks for an undisclosed stake.

Sasken, which does telecom research and development outsourcing, is also planning an initial public offer for Rs 100 crore, according to company officials. The IPO will be scheduled for the latter half of 2005.

Sasken plans to use the funds from Nortel's investment to fuel its own growth through telecom acquisitions which may be domestic or international, said Mr Rajiv Mody, CEO, Sasken Communication, at a news conference here today.

For Nortel, the investment would strengthen both its strategic relationship with Sasken and its presence in India, one of the fastest growing markets in the world, said Mr Ashoka Valia, Managing Director, Nortel India. Also Nortel would get a stronger foothold to serve customers in the Asia-Pacific region we well.

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