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Quippo to raise $300 Million in new round funding
By siliconindia
Bangalore: Kolkata-based Quippo Telecom Infrastructure promoted by SREI Group is looking to raise $300 million through fresh issue of shares to existing private equity investors or to new strategic investors. Through a recent merger, Quippo has picked up 49 percent stake in Tata Teleservices tower arm Wireless-TT Info-Services for 
2,400 crore, reported The Economic Times.
Meanwhile, as overseas investors hold more than 49 percent stake in the company, Quippo has to seek the approval of Investment Promotion Board (FIPB) for the merger and investment. The fresh investment will happen once the merger is completed.
Quippo has raised several round of private equity funding from investors such as DB Zwirn, sovereign wealth funds Singapore's GIC and Qatar's Oman Investment Fund, IDFC Private Equity, Swedfund International AB, among others.
The merged entity of Tata-Quippo has around 21,000 towers in the country. As telecom tower business across India is rapidly consolidating, Tata-Quippo is likely to acquire smaller players in order to further strengthen its position.
2,400 crore, reported The Economic Times.
Meanwhile, as overseas investors hold more than 49 percent stake in the company, Quippo has to seek the approval of Investment Promotion Board (FIPB) for the merger and investment. The fresh investment will happen once the merger is completed.
Quippo has raised several round of private equity funding from investors such as DB Zwirn, sovereign wealth funds Singapore's GIC and Qatar's Oman Investment Fund, IDFC Private Equity, Swedfund International AB, among others.
The merged entity of Tata-Quippo has around 21,000 towers in the country. As telecom tower business across India is rapidly consolidating, Tata-Quippo is likely to acquire smaller players in order to further strengthen its position.