Videsh Sanchar Nigam said on Monday it as signed a share purchase agreement to acquire Direct Internet Ltd and its subsidiary for Rs 75 crore (Rs 750 million).
The agreement was signed by VSNL for acquiring DIL and its wholly owned subsidiary Primus Telecommunications India Ltd, VSNL informed the Bombay Stock Exchange.
The completion of the transaction is subject to a number of conditions precedent and is expected to be over in the next few weeks.
Prime Telecommunications provides fixed broadband wireless internet services to Small and Medium Enterprises in several cities of India.
VSNL's share closed at Rs 490.85, up 0.59 per cent at the BSE.
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