Sasken gets $10mn from Nortel

Bangalore-based Sasken Communication Technologies has received $10 million equity investment from US-based Nortel Networks even as Saken is planning to raise Rs 100 crore through an initial public offer (IPO).

Rajiv Mody, chairman and CEO of Sasken, said: "This investment will strengthen Nortel's presence in India - an important market for the company - as a close relationship with a local supplier will provide increased access to the market."

The investment would also help in bringing in greater capabilities to customers in critical emerging markets of India and the Asia-Pacific region, he added.

He, however, did not disclose the number of shares picked up by Nortel. The US-based company will not hold any controlling powers nor would
have any directors on Sasken board.