Broadband service provider Tikona Digital Networks has acquired HCL Infinet, a wholly-owned subsidiary of HCL Infosystems, for an undisclosed amount.
The sale of Infinet’s shares is subject to and shall be effective after necessary regulatory approvals, HCL Infosystems said in a statement.
“HCL Infinet is today poised to take a different growth trajectory and is best suited to further strengthen an enterprise like Tikona focused on delivering ISP (internet service provider) and NLD (national long distance) services in the fast emerging telecom industry,” HCL Infosystems Chief Executive Officer Harsh Chitale said.
The move came as a part of HCL Infosystems’ transformation strategy under which the company will be further strengthening its core business and expanding into identified growth areas, he said. HCL Infinet started its ISP/NLD operations in 2000.
Last year, Tikona Digital bagged broadband wireless access (BWA) spectrum in five circles — Himachal Pradesh, Rajasthan, UP (east), UP (west), Gujarat — at Rs1,058.2 crore.