Aksh Optifibre Ltd., a leading large-scale manufacturer of cables and optical fiber, is on the look out for diluting a minority stake in the company, as part of raising money for its further expansions. The company is in initial level of talks with a European telecom operator for selling the stake for an approximate amount of Rs 150 crore.
The company is planning a Rs 200-crore expansion for the recent future. During January this year, Aksh Optifibre had completed the offering and allotment of $8.75 million as Foreign Currency Convertible Bands (FCCBs). The company is betting big in the emerging IPTV (Internet Protocol Television) segment in India. The Lions share of the money that is raising through stake dilution will be utilized for expanding its IPTV and Voice Over Internet Protocol (VOIP) services, a source close to the development told FE. The company has tied up recently with Mahanagar Telephone Nigam Ltd (MTNL) for providing IPTV and VOIP services to MTNL?s broadband customers.
However, KS Choudhari, managing director, Aksh, refusing to disclose details, said, ?We are on expansion spree. We are open for stake dilution as well as FCCB issue for raising funds to meet expansion plans.? We plan to add about 5 lakh subscribers for our IPTV services in Delhi and Mumbai in next 3 years. Once the business in these two metros found successful, we would expand IPTV operations to other metros, he added. The company is also in talks with BSNL for launching internet telephony service.
Through IPTV services, television content will be broadcast, through broadband, instead of being delivered through cable formats. Following the VOPI deal with Aksh Optifibre, MTNL broadband users can make international calls for as low as Rs 1 per minute. These calls can be made through a broadband connection and an Analog Telephone Adapter (ATA).
The Gurgaon-based Aksh has two plants at Bhiwadi, for manufacturing optical fibre cables and fibre, and another at Reengus, Rajasthan.