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

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

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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