Financial Daily from THE HINDU group of publications
Tuesday, Sep 06, 2005
Financial Daily from THE HINDU group of publications Tuesday, Sep 06, 2005 |
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Info-Tech
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Mergers & Acquisitions VSNL set to acquire Tata Power Broadband for Rs 239 crore Our Bureau
Mumbai , Sept 5 VSNL will acquire Tata Power Broadband Ltd from Tata Power Company for Rs 239 crore. VSNL has completed the execution of duly negotiated agreement for the sale, it said in a notice to the stock exchanges today. Tata Power Company, preparatory to this change, had spun off its broadband division into a separate company some time back. Tata Power Broadband is a wholly owned subsidiary of Tata Power Company. It has a large fibre optic network in Mumbai and Pune and provides services under its Internet Protocol-I, IP-II and ISP licences. VSNL has retail broadband services and a fibre optic network would best fit with its business profile. This agreement for sale is subject to the parties arriving at a binding share purchase agreement for purchase of 100 per cent stake of Tata Power Company in Tata Power Broadband, thus making the latter a wholly owned subsidiary of VSNL, said the notice. VSNL intends to consider and initiate thereafter a detailed approval process of merger under applicable provisions of the Companies Act, 1956.
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