NIGERIAN TELECOM FIRM RELTEL RAISING FUNDS ON THE INDIAM MARKET

Mergers, Acquisitions and Financial Results

elTel, a Nigeria-based telecom company, is looking to raise funds and find a strategic partner from India. The company has appointed the Mumbai-based investment banking firm Strategic Capital Ventures Ltd as its exclusive financial advisor.RelTel hopes to raise about USD120 million from the Indian markets and tie up with an Indian telecom operator with expertise in large scale expansion projects.

Sunil Pathak, director, RelTel, said that the funds will be utilised for expansion and will be a combination of debt and equity, adding that the company is willing to sell its controlling stake if all other criteria fall in place.Pathak said, "The similarities between Indian and Nigerian telecom services have prompted us to come to India as the expertise here can be very well utilised to shore up operations in a small but growing Nigerian market."He said talks are on with some big telecom players in India but declined to disclose names.