New Enterprise Associates acquires stake in HFCL Infotel
March 15, 2007
US-based private equity firm New Enterprise Associates (NEA) has purchased 40 per cent stake in HFCL Infotel for Rs 3.75 billion. The deal, which values the Punjab circle operator at around Rs 9.5 billion, has reportedly been signed and is likely to close soon. According to sources, HFCL will not opt for a preferential allotment to help NEA buy the 40 per cent stake in the company. It is planning to use the proceeds to offer triplelay services in Haryana, Himachal Pradesh, Jammu & Kashmir and Uttar Pradesh.
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