GTL arranges war chest of Rs 1,000 crore for global acquisitions

Our Corporate Bureau
31 May 2007

New Delhi: Network Services provider GTL is arranging funding to the tune of Rs 1,000 crore for making global acquisitions, in a bid to enhance its telecom services offering.

The company is eyeing at least four different companies in the areas of network planning and design, network operations and maintenance and professional services.

GTL recently acquired Genesis Consultancy, a UK-based network services provider, for $9 million (over Rs 40 crore) in an all-cash buyout, to increase its third generation (3G) mobile capabilities.

The company is also selling off its non-telecom business as part of the plan. The company is selling off its IT managed services division that has 400 employees. At least four companies have shown interest in buying out the division.

GTL is expected to get around Rs 200 crore for the division.

GTL is also planning to sell off its Business Process Outsourcing unit keeping in line with its focus on the telecom services segment.