Tata’s Tejas Association, Provides Latter Necessary Financial Resources

- Advertisement -

Panatone and other certain companies of the Tata group would make a public announcement to acquire up to 4.03 crore equity shares of Tejas Networks

Tejas Networks had recently announced that it has executed definitive agreements with Panatone Finvest Limited (Panatone), a subsidiary of Tata Sons Private Limited (TATA). The agreements entail preferential allotment of 1.94 crore equity shares at a price per equity share of Rs 258 per share aggregating to RS 500 crore.

“We are privileged to be part of the Tata group, which has a rich legacy as India’s most visible and trusted business brand. Tejas Networks was started with a vision of creating a top-tier global telecom equipment company from India. The association with Tata group will accelerate the realisation of this vision and enable us to address the large market opportunity available to us to build a financially strong global company, backed by a trusted brand. I am fully committed to making this a success and am excited about the next phase of our journey,” Sanjay Nayak, CEO and Managing Director at Tejas Networks had stated.

- Advertisement -

Sanjay Nayak, as per the agreements signed between the two shall continue as Managing Director and Chief Executive Officer to lead Tejas Networks along with the existing management team through the next phase of growth. Panatone and other certain companies of the Tata group would make a public announcement to acquire up to 4.03 crore equity shares of Tejas Networks representing 26 per cent of the emerging voting capital in accordance with SEBI Takeover Regulations.

“We are delighted about our association with the Tata group, which has a long history of building highly successful global businesses of scale. This association provides us the necessary financial resources, global relationships and strong ecosystem to innovate and scale our business,” noted V Balakrishnan, Chairman of Tejas Networks.

Tejas Networks, as per a recent investor call, will utilize the proceeds raised from the preferential allotment to invest organically and inorganically in the research & development, sales and marketing, people, infrastructure and to enhance its manufacturing and operational capabilities to cater to this large market opportunity, and for other general corporate purpose.

“We are excited to partner with Tejas Networks, India’s leading telecom and network company with a strong DNA of R&D. We look forward to working with the highly experienced management team of Tejas Networks and creating a full stack of globally competitive wireline and wireless products,” Saurabh Agrawal, Executive Director of Tata Sons Private Limited had said.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

5G Chipset Market to Hit $92.09B by 2030

0
Reports indicate that the global next-gen wireless processor market is on track to surpass the $100 billion mark in the coming decade. The 5G chipset...
Gursaurabh Singh, Founder of Dhruv Vidyut

“Electrifying Rural Mobility- Converting Traditional Bicycles Into E-Bikes”

0
In a conversation with Nitisha Dubey from EFY, Gursaurabh Singh, the Founder of Dhruv Vidyut, discusses their conversion kit, which can transform any conventional...
Rahul Bollini, the Founder of Bollini Energy

“Formal Contracts For Long-Term Commitments Are Not Always Necessary”

0
Bollini Energy collaborates with various companies interested in understanding the complete value chain of Lithium-ion cells. They offer technical services that span from mining...

Buzz

Government Expands Electronics Manufacturing, Doubles Output

0
Ashwini Vaishnaw emphasises government efforts to expand electronics manufacturing, aiming to double production and employment in five years, alongside implementing the DPDP Act. India's electrical...

Assam To See 1000 MW Solar Power Project Shortly

0
The Chief Minister of Assam announced that the construction of the Karbi Anglong solar power project will begin soon.  Himanta Biswa Sarma, the Chief Minister,...

TIER IV And Suzuki Partner For Autonomous Driving In Japan

0
Tier IV, a pioneer in developing Autoware, the first open-source software for autonomous driving in the world, has formed a business alliance with Suzuki...

Important Sectors

Government Expands Electronics Manufacturing, Doubles Output

0
Ashwini Vaishnaw emphasises government efforts to expand electronics manufacturing, aiming to double production and employment in five years, alongside implementing the DPDP Act. India's electrical...

Assam To See 1000 MW Solar Power Project Shortly

0
The Chief Minister of Assam announced that the construction of the Karbi Anglong solar power project will begin soon.  Himanta Biswa Sarma, the Chief Minister,...

TIER IV And Suzuki Partner For Autonomous Driving In Japan

0
Tier IV, a pioneer in developing Autoware, the first open-source software for autonomous driving in the world, has formed a business alliance with Suzuki...

Mahindra Group Pursues Global Partnerships For EV Expansion

0
Mahindra Group seeks global partners for local battery cell production to meet rising electric vehicle demand and plans to list Mahindra Electric Automobile Ltd...

Essar Plans $3.5B Green Hydrogen Plant In Gujarat

0
The Mumbai-based metals-to-infrastructure conglomerate has planned an investment of Rs.30,000 crores in a green hydrogen plant. The company says this will boost its business...

Manufacturing

Honeywell Creates AI Software For Gigafactory Efficiency

0
Honeywell anticipates that its new battery manufacturing excellence platform will lower the costs of cell production, speed up the ramp-up cycles, and decrease material...

Raju B Ketkale Named CEO Of Lumax Industries

0
He takes over from Vishnu Johri, who is stepping down for personal reasons. Lumax Industries Limited, a Tier-1 automotive lighting system and component manufacturer within...

Schaeffler And Symbio JV Innoplate Starts Fuel Cell Plate Production

0
Starting with an initial production capacity of 4 million bipolar plates, the Innoplate joint venture is projected to achieve an annual output of 50...

Tesla Pushes Suppliers To Source Parts Beyond Taiwan And China

0
China and Taiwan are major global producers of essential electronics parts and components. Tesla has requested that its suppliers move the production of components and...

Uno Minda Shines With Increased Content Per Car And EV Focus

0
Uno Minda, a key player in the auto parts industry, has demonstrated significant revenue growth, surpassing industry averages by more than double over the...