Nortel invests $10 million in Indian firm -- WORLDTRADEMARKETS.COM

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Subject:

Nortel invests $10 million in Indian firm

Author:
TAJ_MAHAL

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Date Posted: 09:41:34 04/07/05 Thu

Nortel invests $10 million in Indian firm
By Carla Mozee, MarketWatch
Last Update: 11:54 AM ET April 7, 2005
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SAN FRANCISCO (MarketWatch) - Telecommunications equipment provider Nortel Networks said Thursday that it has invested $10 million to take a stake in one of its key suppliers, Sasken Communication Technologies Ltd.

The size of Nortel's (NT: news, chart, profile) (CA:NT: news, chart, profile) stake in Sasken, a telecommunications software and services provider based in Bangalore, India, is undisclosed.

Sasken and Nortel have also signed an amendment to an existing agreement to create new software and networking products.

Brampton, Ontario-based Nortel said the deal will help its growth plans in India and the Asia Pacific region. Sasken will help develop Nortel projects in India, including providing training, technical support and engineering services.

With the investment, Sasken, which employs more than 2,000 people, plans to use the funds from Nortel to grow through acquisitions.

At last check, shares of Nortel were down 3 cents to $2.63.

http://cbs.marketwatch.com/news/story.asp?guid=%7B3684E298-7C2A-47F1-8DB0-3A8CC413AA4A%7D&siteid=google&dist=google

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