• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• The Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mr Rakesh Mittal, Vice-Chairman, Bharti Enterprises, flanked by Mr S.K. Jain (left), MD, WestBridge Capital Partners and Mr Sameet Mehta , Cisco Manager, Cisco's Overseas Business Development in India, at a press conference in the Capital on Monday. - - Kamal Narang

New Delhi , Dec. 5

BHARTI Group on Monday offloaded over a 10 per cent stake of its software company Bharti Telesoft to WestBridge Capital Partners, Sequoia Capital and Cisco Systems for $13.5 million.

Goldman Sachs-backed WestBridge has invested $8 million, Sequoia Capital has picked up equity for $3.25 million and Cisco has invested $2.25 million.

Announcing the deal, Mr Rakesh Bharti Mittal, Vice-Chairman, Bharti Enterprises, said that Bharti Group and its management, which hold 75 per cent and 25 per cent equity respectively, in Bharti Telesoft, would dilute their stakes proportionately.

"Bharti Telesoft will use the investment to facilitate acquisitions, enhance product development and further expand globally," Mr Mittal said.

The company did not specify the exact amount of equity being divested.

The Mauritius-based WestBridge has so far made 20 investments in the country as part of its $350-million India Fund.

"We will invest aggressively in telecom and Internet wireless services in future," WestBridge's Managing Director, Mr S. K. Jain, said on the sidelines of the Bharti Telesoft investment announcement.

The Silicon Valley-based Sequoia Capital, which has invested first time in India, had earlier invested in Internet majors such as Google and Yahoo!.

"This is the first time we are investing in an Indian company. We have been impressed with Bharti Telesoft and their innovative products. We feel we can help them in their aim to become a global player in the space of mobile value-added services worldwide," Mr Douglas Leone, Partner, Sequoia Capital said.

Bharti Telesoft provides value-added products and services for the growing mobile telephony sector across 25 countries. The company's list of blue-chip customers includes France Telecom, Orascom Group of Egypt, Celtel of the Netherlands and Globe Telecom from the Philippines.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

More Stories on : Software | Mergers & Acquisitions

Stories in this Section
Europeans hunt for jobs in India

Copyright © 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line