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Ortel Communications Ltd, Orissa's leading cable operator, plans to raise Rs 200 crore in private equity, according to Indiantelevision.com. Ortel is owned by the family of Jay Panda, a businessman-turned-Rajya Sabha MP from Biju Janata Dal party. The company is run by Jay's wife Jagi Mangat Panda. Ortel has also applied for the mobile telecom licence in the recent rush for licences by various players.
The mandate for the fund raising is with Mumbai based Equrius, an investment bank founded by Ajay Garg, who was a former co-founder of Mape Group. Equirus had earlier advised Tops Security in its $34 million fund raising from ICICI Venture and Indivision.
Ortel also plans to launch cable TV services in Kolkata, Vizag and Raipur. It currently operates in 10 cities of Orissa and has revenues of Rs 37 crore for the fiscal ended 2006-07. The company had recently raised an undisclosed amount from SREI group by selling eight per cent stake. SREI is also an investor in former Star India CEO Peter Mukerjea's broadcast venture INX Media.