Panatone Finvest Ltd, a unit of Tata Sons, will buy a 43.35 per cent stake in Tejas Networks, according to a report published in the Economic Times on the Tata Sons and Tejas Network agreement.
Tata Group to revolutionize 5G world
Mumbai: Tata Group is preparing to revolutionize the world of 5G. Reliance Jio has already announced its mega plan for 5G. Now the Tata group has joined the race. Tata Sons has announced the acquisition of a controlling stake in Tejas Network, a telecom equipment maker. The deal will see the Tata Group enter 5G and compete with companies like Nokia, Ericsson and Huawei. Mukesh Ambani also has a big plan for 5G. (Tata Group to revolutionize 5G world, competition with Mukesh Ambani)
At the 44th Annual General Meeting of Reliance, Mukesh Ambani had said that with the help of Geo, we will make India 2G free and 5G enabled. He assured that only Reliance Jio will launch 5G in the country. Reliance Jio has made tremendous progress in developing state-of-the-art standalone 5G technology, which is a big leap forward for wireless broadband. Mukesh Ambani said that during 5G tests, Geo has successfully achieved speeds of more than 1 Gbps. Mukesh Ambani described Geo’s ‘Made in India’ solution as world class. Geo is testing 5G technology in several cities, including Delhi and Mumbai. He said that when Geo’s 5G is successful in India, it will be exported to other countries in the world. In this way, India will become a global hub for 5G development and exports.
Will buy 43.35 per cent stake
Panatone Finvest Ltd, a unit of Tata Sons, will buy a 43.35 per cent stake in Tejas Networks, according to a report published in the Economic Times on the Tata Sons and Tejas Network agreement. Regarding the deal, Tejas Network said in a statement that it has entered into a binding agreement with Pantone Finvest, a subsidiary of Tata Sons (a holding firm of the Tata Group). Under the agreement, the company will issue 1.94 crore equity shares to Pantone at a preference rate of Rs 258 per share, with a total value of Rs 500 crore.
Purchase by priority allocation
The company said that after this, another 3.68 crore warrants will be allotted preference, each of which can be converted into one equity share at the rate of Rs 258 per share, with a total value of Rs 950 crore. This option can be used in one or more phases within 11 months from the date the warrant was issued by Pantone, the statement said. In addition, 1.55 crore warrants will also be given priority allocation, each of which can be converted into shares at a rate of Rs 258 per equity share, with a total value of Rs 400 crore. This option can be used within 18 months from the issuance of the warrant.
Tata Sons has a 72 per cent stake in the Tejas network
Pantone will acquire 13 lakh equity shares of Tejas Network from exclusive management staff, valued at no more than Rs 258 per equity share, for a total of Rs 34 crore. Some of the Pantone and Tata Group companies will then make open offers for the acquisition of 4.03 crore equity shares of Tejas Network as per SEBI’s acquisition rules. With the completion of the deal in a few years, Tata Sons’ stake in Tejas Network will increase to 72 per cent.
TCS and Airtel join hands for indigenous 5G technology
The Tata Group is gearing up to revolutionize the world of 5G. In terms of software capabilities, this will be done with the help of TCS, while hardware support will be available with the help of Tejas Network. Last month, Bharti Airtel and Tata Group TCS jointly announced a strategic partnership for 5G networking in India. The two companies are working together on indigenous 5G technology. Airtel will start work on a pilot project for 5G by January 2022.
Application for PLI scheme
Tata Group is making full preparations for 5G in India. Don’t want to miss out on opportunities for yourself in the enterprise department. According to the Economic Times, Tejas and Tata Sons have also filed applications for incentives under the PLI scheme. The purpose of the Tejas establishment was to supply equipment to telecom companies. (Tata Group to revolutionize 5G world, competition with Mukesh Ambani)
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