Sujana Towers (STL), the power and telecom towers subsidiary of the Sujana Group, has acquired 51% stake in Telesuprecon, a Mauritius-based firm, which executes telecom infrastructure projects in Central and East Africa.
The Hyderabad-based company acquired the stake by subscribing to new equity shares issued by Telesuprecon. “No money is being paid to the existing promoters. STL will support the company by providing the required working capital, including guarantees,” Sujana Group director S Hanumantha Rao said at a press conference in Mumbai on Wednesday.
“The promoters will continue to be associated with the company in a professional capacity and will support its operations,” he added.
Telesuprecon is in advanced stages of negotiations for securing telecom infrastructure contracts worth around $40 million in various Central and East African countries. These orders are to be executed over the next 12-21 months.
Source: Economic Times