New Delhi: Telecom infrastructure solutions provider Nutek India on Tuesday said it will tap the capital market to raise Rs 100 crore to fund acquisitions and expand its presence overseas.

The company is looking for acquisitions in the US market and has also identified three potential companies for the purpose, Nutek India Director Vineet Sirpaul told PTI.

"Recession in the US market is the perfect time for the takeover bids and to avail the opportunity, we are now targeting a mid size telecom infrastructure maintenance company in the US," he said, refusing to divulge any further details.

"In order to fund the expansions, we are planning to tap the capital market to raise Rs 100 crore," he added.

The company has already filed the Draft Red Herring Prospectus with the Security Exchange Board of India for its initial public offer.

It is also planning to enter new overseas markets in the Middle East and West Asia.

The company already has its presence in Turkey and its subsidiary has recently won a one million dollar (Rs 4 crore) contract from a Turkish telecom company for maintenance of telecom towers.

"The entry into the Turkish market would provide us an opportunity to expand our services in the West Asia region," Sirpaul said.

Source : PTI