1/2/2008

Indian Dhanus closes in on Turkish Borusan Telekom

The Economic Times (India) - The Chennai-based communications service provider, Dhanus Technologies has reached final round of negotiations with Borusan Holding, Turkey's diversified business conglomerate, to acquire its telecom arm -Borusan Telekom Corporation. Dhanus has emerged as the lead bidder quoting over Rs 300 crore for Borusan's telecom assets. Hutchison and a US-based telecom company are the other bidders for Borusan Telekom, said sources. Sources close to the deal said the acquisition, if materialised, will be a leveraged buyout (LBO) with ICICI Bank being the lead lender. If the acquisition goes through, it will give Dhanus Techonolgies an entry into the Turkish market. The share price of the company closed nearly 4% at Rs 347 on the BSE on Monday. Borusan Holding is one of Turkey's major industry and service groups. Currently, Borusan is active in four primary business areas of steel, distributorship, logistics and telecommunications. Borusan Telekom, is one of Turkey's first private telecom companies founded in 2002. Taking its current position as a an alternative telecommunications operator in Turkey, Borusan Telekom provides high quality communications services at attractive prices to companies throughout Turkey. Dhanus Technologies is a growing communications services company. It offers telecom services, IT/ ITES and Telematics. The company is also specialised in communication technologies, logistics & unified messaging.