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News Roundup: NSR, TVS Interconnect looking to sell stake in tower company Ascend Telecom

31 December, 2013

Ascend Telecom, a small telecom tower company, is on the block, with private equity fund New Silk Route and TVS Interconnect Systems looking to sell their stakes. Ascend is now talking to various investment bankers and will soon appoint one or two of them to scout for buyers. Ascend, which provides passive telecom infrastructure on a shared, multi-tenancy basis to mobile service providers through its 4,500 towers, is valued at around $400 million (approx Rs 2,400 crore). New Silk Route (NSR) owns 73% stake in the company while the rest is held by the TVS Group company. NSR invested Rs 233 crore in Ascend in 2007 and in 2011 merged another tower company, India Telecom Infra Ltd (ITIL), with it in a share-swap deal. (The Economic Times)

Viom plans overseas listing to mop up Rs 2,000 crore: Telecom tower company Viom Networks is hoping to mop up around Rs 2,000 crore ($323 million) from abroad. Equity listing on the NYSE, LSE and SGX is being considered for the exercise. The company has begun to work on a probable foreign listing. This includes remaking financial statements as well as appointment of investment bankers, said Sunil Kanoria, Vice-Chairman and Managing Director. (Business Line) 

Future Group in talks for Spykar Jeans buyout: Kishore Biyani-owned Future Group is in discussion with Avigo Capital Partners to buy controlling stake in Spykar Lifestyle, a leading maker of denim in India. According to news reports, Future Group has completed due dilligences and the discussions are at advanced stage. In last couple of years, Avigo Capital Partners has been in discussions with various investors such as India Value Fund Advisors (IVFA), a India-focused private equity (PE) fund, Spencer’s Retail of the RP-Sanjiv Goenka Group, the Aditya Birla Group and Everstone Capital, to sell their 60% stake in Spykar. Avigo was looking an enterprise value of Spykar at Rs 280 – 300 crore. (Business Standard) 

Courtesy: VCCEdge


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News Roundup: NSR, TVS Interconnect looking to sell stake in tower company Ascend Telecom

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