Goldman values Tejas at 2,400 Cr

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Bangalore: Tejas Networks, Bangalore based optical networking firm has been valued at Rs 2,400 crore ($625 million) by Goldman Sachs, global investment banking and securities firm when it invested around Rs 95 crore. Tejas Networks is a seven year old firm, which started its operations in the year 2000.

Tejas Networks is planning to go public next year and its valuation is expected to go up to Rs 3,200 crore ($800 million),reported Business Standard.

According to industry information, around 10-15 percent is expected to be offloaded, with Tejas raising around Rs 300 crore in the process. Mean while Tejas Networks denied to comment on the valuation by Goldman Sachs.

The investment by Goldman Sachs in the firm takes the total private equity investments in the company to Rs 280 crore ($73 million).

Other private equity investors include Sandstone, Intel Capital. Mayfield Ventures, Battery Ventures, SUN Group of the Khemkas, ASG Omni and IL&FS Venture.

Tejas Networks is among the few Indian firms focusing heavily on Indian markets and counts almost all telecom service providers among its customers.

The company has also tie ups with Nortel as an OEM partner to expand its customer base globally and is actively selling its wares in Asian markets as well.

The growth percent of the company is expected to cross 70 percent over the last year and is expected to cross the Rs 400 crore marks during the present fiscal . Tejas, during the past three fiscal has been almost doubling its topline from Rs 47 crore it posted in Financial Year?05.

Prior to the public issue, Tejas is strengthening its management by appointing former Cisco India head Rangu Salagame as President and also by roping in Mohandas Pai, Infosys? Vice-President-HR onto its Board of Directors.

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