Nortel Networks to sell stake in Sasken: report

MUMBAI (Reuters) - Nortel Networks NT.TO is selling its stake in Sasken Communication Technologies Ltd (SKCT.BO) to Sundaram BNP Paribas, a newspaper report said on Wednesday.

Nortel has already sold 20 percent of shares held in Sasken, the Financial Chronicle report said.

The two companies have not yet fixed a timeline in which the entire stake will be sold, it said.

Nortel Networks Mauritius Ltd held 9.3 percent stake in Sasken as of June-end, data from the BSE website showed. The site also showed that in the quarter to June, Nortel has pared its stake in the Indian firm from 11.3 percent held as on March-end.

Sundaram BNP Paribas held 3.38 percent stake, it showed.

Nortel is the largest non-promoter shareholder in Sasken, while Sundaram BNP Paribas, which acquired all of Fidelity Funds Pacific Fund's shares in the telecoms software firm, is the second largest non-promoter shareholder now, the report said.

In 2005, Nortel had invested $10 million in Sasken for a 11.31 percent stake in Sasken's fully diluted equity, the report said.

(Reporting by Janaki Krishnan; editing by Sunil Nair)