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Kavveri raises $10 Mn
By siliconindia
Bangalore: Kavveri, telecom products manufacturer, sets for an inorganic growth plan with a capex plan of 80million, and hence, seeks a raise of $10 million as a fund. And the outstanding amount would be used in its Canada venture.
Kavveri, which specializes in antennas and radio frequency (RF), has planned to expand its current sphere with an inorganic growth plan and also through some acquisitions. The funds seeked can be gained through examination of private equity and debt funding via loans, though the later is more preferred. It sees a growing market for high-performance, cost-effective antennas, which according to the company's managing director, Shivakumar Reddy, has helped in growing its turnover, as stated by Business Standard.
It fetched 60 percent of its sales by volume, from contracts of Vodafone, a mobile service provider, and the rest comprise of the other providers like BSNL, Idea, Reliance Communication and so on. Apart from it, the Ericsson, Nokia-Siemens and Alcatel-
Lucent are some, which forms Kavveri's global consumer list of OEMs and GSM/CDMA operators. The company has tied up contract manufacturing orders worth Rs 200 crore in the first quarter of the current fiscal, which it will execute into the fourth quarter of the year.
