SITI Broadband acquires 51% stake in E-Net Entertainment to expand presence in Andhra Pradesh and Telangana

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Essel Group owned broadband service provider SITI Broadband has acquired a 51 percent equity stake in E-Net Entertainment Private Limited in line with the board’s approval on 15th September 2020 to carry out the transaction.

The company has acquired E-Net Entertainment Private Limited to make its presence within the territory of Andhra Pradesh and Telangana through the acquired company which is an internet service provider. The company has paid a maximum consideration of Rs 12.75 lakh for the acquisition of 51 percent equity stake in the paid-up equity share capital of E-Net Entertainment Private Limited.

The acquired company in the business of broadband was incorporated in 2004 and had a turnover of Rs 13.51 lakh in FY 19-20. SITI Broadband recently expanded its footprint by commencing services in 6 more cities including Noida, Jaipur, Jodhpur, Saharanpur, Dehradun and Bahadurgarh.

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Avatar of Basil Kannagi Arasu
Basil Kannagi Arasu

News Reporter

Basil keeps an eye on the latest happenings in the Telecom sector. You can find him streaming the Premier League, which he started watching in 2013, in his free time.

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