Bangalore, July 30, 2021: A subsidiary of Tata Sons Private Limited -- Panatone Finvest.India – has acquired a controlling stake of 26 percent in India-headquartered global networking solutions leader, Tejas Networks.
Tejas Networks sees a very large opportunity in the telecom sector both in India and global markets with the new cycle of investments in 5G and fiber-based broadband rollouts. It will utilize the proceeds raised from the preferential allotment to invest in research & development, sales and marketing, people, infrastructure and to enhance its manufacturing and operational capabilities to cater to this large market opportunity, and for other general corporate purpose.
Says Saurabh Agrawal, Executive Director of Tata Sons: “We are excited to partner with Tejas Networks, India’s leading telecom and network company with a strong DNA of R&D. We look forward to working with the highly experienced management team of Tejas Networks and creating a full stack of globally competitive wireline and wireless products.”
Adds V Balakrishnan, Chairman of Tejas Networks: “We are delighted about our association with the Tata group, which has a long history of building highly successful global businesses of scale. This association provides us the necessary financial resources, global relationships and strong ecosystem to innovate and scale our business.”
Sanjay Nayak, CEO and Managing Director at Tejas Networks who continues in those positions says: “We are privileged to be part of the Tata group, which has a rich legacy as India’s most visible and trusted business brand. Tejas Networks was started with a vision of creating a top-tier global telecom equipment company from India. The association with Tata group will accelerate the realisation of this vision and enable us to address the large market opportunity available to us to build a financially strong global company, backed by a trusted brand. I am fully committed to making this a success and am excited about the next phase of our journey.”