BANGALORE, March 3: Anco Communications Ltd is planning to shift its corporate office. Currently located in the city, the office will be shifted to its factory near Whitefield. The move follows the company's dismal financial performance in the last few years."The aim is to cash in on the additional space available at our factory premises. The current office premises can be used either disposed of or used for other profitable purposes, senior Anco Communications officials said. The Bangalore-based telecom equipment manufacturing firm, which has been looking for a prospective buyer to offload a majority stake in the company, has already shifted its administrative staff to the new facility.
The company registered office has also been shifted to the new location. Anco wants to inject around Rs 18 to 20 crore for its proposed expansion plans in the current fiscal to usher in latest technologies and strengthen its financial position.
However, the company's plans to rope in a joint venture partner has runinto rough weather with efforts in this direction having failed miserably.The joint venture partner was expected to pump in adequate money for the expansion programmes.
The venture would also have helped the company introduce novel technologies in the highly competitive Indian telecom market. These technologies include WILL, Asynchcronous Digital Subscriber Line (ADSL), Red Adaptive Digital Subscriber Line (RADSL), High Bitrate Digital Subscriber Line (HDSL) and Solar Photovoltaic Modules (SPV).
Anco Communications had also planned to enhance its equity for inducting the partner. The foreign collaborator would bring in funds as equity and in the form of latest technologies. But its talks with two to three telecom firms based in California, China and Taiwan have come to nought. Meanwhile, the top brass was not available for comment on the issue. The total share capital of the company as on March 31, 1997 comprises an authorised capital of one crore equity shares of Rs 10 each, issued capital of 49,72,700shares of Rs 10 each and subscribed and paid up capital of 40,03,045 shares of Rs 10 each.
The company received this fiscal, an order worth about Rs 18 crore from the Department of Telecommunications (DoT). The order is for supplying 2/15 UHF MARR equipment for Rs 7 crore and Solar Photovoltaic Modules (SPV) for Rs 11 crore.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
