VSNL signs SPA to acquire DIL, subsidiary

Mumbai, May 8 (UNI) Telecommunications major Videsh Sanchar Nigam Ltd (VSNL) has acquired the fixed broadband wireless Internet services provider Direct Internet Ltd (DIL) and its wholly-owned subsidiary, Primus Telecommunications India Ltd (PTIL), for an enterprise valuation of Rs 75 crore.

In a release issued to BSE, VSNL stated that it has signed a share purchase agreement (SPA) to acquire DIL and its subsidiary PTIL.

PTIL provides fixed broadband wireless internet services to small and medium enterprises (SMEs) in several cities in India.

Completion of the transaction is subject to a number of conditions precedent and is expected to be over in the next few weeks, the release added.

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