From correspondents in Maharashtra, India, 08:28 PM IST

Gurgaon-based telecom infrastructure service provider Nu Tek India today said it is planning to acquire small and mid-sized companies in the overseas markets in order to enhance its presence globally. "We intend to enhance capabilities and address overseas geographical coverage through strategic acquisitions of business or assets, investments and joint ventures, Nu Tek India Managing Director Inder Sharma said.

The company is targeting small and mid-sized companies which are offering services in telecom infrastructure space and has already identified a few companies in the US, he said. It has ascertained Rs 21 crore for such deals, he added. Nu Tek is also planning to expand in countries such as Turkey and Libya, where it expects to see a huge demand for telecom service equipments. It is also in the process of setting up a subsidiary in Turkey, Sharma said.

Besides the overseas market, the company would continue to invest in developing its technological expertise, industry expertise and delivery infrastructure in the domestic market. Last year, the company had set up 400 telecom sites for its clients and plans to construct 600-700 telecom sites in the country by the end of this year. However, he declined to comment on the investment. Nu Tek India has got Securities and Exchange Board of Indias approval for its initial public offer of 4.5 million shares with a face value of Rs 10 each.

The company would use the funds for capital expenditure, overseas acquisitions and augmenting long-term working capital requirement.

The major clients of the company are Nokia, Ericsson, Motorola, Tata Teleservices, Reliance Communication.

Source: Press Release Distribution via India PRwire