Maithan Alloys buys $6.24M stake in telecom supplier HFCL
What's the deal? Maithan AlloysDealroom has a profile for this one. Try Dealroom → has acquired equity shares in Himachal Futuristic Communications (HFCL)Dealroom has a profile for this one. Try Dealroom → worth US$8.16M, according to a filing with the National Stock Exchange of IndiaDealroom has a profile for this one. Try Dealroom →. The purchase, made on October 1, 2026, covered 2,527,000 shares — a 0.17% stake — paid in cash.
Who's involved? Maithan Alloys is an Indian producer of alloy products. HFCL operates in telecom and infrastructure, making optical fibre, optical fibre cables, and defence equipment, and providing engineering, procurement, and construction services for digital networks.
Why now? Maithan Alloys said the investment is part of a strategy to pursue long-term and short-term gains. It does not intend to acquire control over HFCL's management, directly or indirectly.
The numbers: HFCL reported turnover of US$614.9M for the year ending March 31, 2026, with a profit after tax of US$34.4M and net worth of US$641.9M.
The deal was not a related party transaction and was executed at arm's length, Maithan Alloys said. No governmental or regulatory approvals were required.
The signal: For an alloy maker, a minority telecom stake marks a push to diversify its investment portfolio into a different sector. The small 0.17% position signals a financial bet rather than a strategic bid for control.
Read more: businessupturn.com
Image credit: Mike Cattell
