Viom Networks to get investment of Rs.1400 cr

MUMBAI, INDIA: Viom Networks Limited, formally Quippo-WTTIL, India’s leading independent telecom infrastructure company announced that a consortium led by Macquarie SBI Infrastructure Fund (MSIF) has shown interest to invest over Rs.1400 crore in the company.

“We are delighted that this investment has been secured by MSIF. Several other investment opportunities are being evaluated and we expect this acquisition to be one of a number of investments that MSIF will complete in the near future,” Varun Bajpai, SBI Macquarie Infrastructure Management Pvt Ltd CEO said.

MSIF is an India focused infrastructure fund that is managed by a joint venture between Macquarie Capital (Macquarie) and the State Bank of India (SBI).

However, the Quippo-WTTIL venture Viom Networks Limited has a number of stake holders and investors that include SREI, IDFC, GIC - Singapore and Oman Investment Fund.

The Tata Group has 54 percent stake and remaining 46 percent shared were with Quippo, however post the merger, the overall share ratio of Quippo will get diluted which includes the Kanoria family of SREI Group and other investors.

With MSIF investment plans of Rs.1400 crore in Viom Networks Limited, it will acquire about 10-12 percent stake in the new company.

“The investment fund will be largely utilized to clear the debt of same amount, which the company had raised a year ago while forming partnership with Tata Teleservices Ltd. It will help the company to clear its debts and will become debt free,” Sunil Kanori, Viom Networks Limited‘s director and Srei Infrastructure Finance Limted’s vice chairman, said.