Mumbai, May 19: Wholesale bandwidth supplier Karuturi Networks on Friday said it has acquired 100 per cent stake in Delhi-based internet service provider (ISP) Estel Communications for an undisclosed sum.
With the acquisition, which was jointly promoted by a Nasdaq-listed firm and a Delhi-based business group, Karuturi Networks will expand into several locations across the country, the company said in a communique to the Bombay Stock Exchange (BSE).
Estel focuses on providing end-to-end network solutions to several corporates in the IT and ITeS sectors (BPO, call centres) and has presence in Delhi, Noida, Gurgaon, Mumbai, Bangalore and Hyderabad.
The company has also developed and deployed various SMS-based business applications for sales, marketing, finance, CRM, Supply Chain Management (SCM) and HR functions.
"This acquisition attains significance as it helps expand the client base and provide a major boost to the company's Internet Services and Network business," Karuturi said.
This move will contribute significantly to the revenues and bottom line of the company starting from the second half of this financial year, it said. Shares of the company were last trading at Rs 180.90, up 3 per cent, on the BSE.
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