This is an Indian company that carries 30% of the world’s internet routes and is the global leader in wholesale voice provider underwater cable. In addition, it offers end-to-end reliable Internet delivery in over 150 countries.
On Tuesday, Tata Communications’ share price rose 6.5 percent after the company decided to buy its remaining stake in Oasis Smart Sim Europe SAS. Tata Communications was trading at Rs 1,612 on the NSE at 12:05 p.m., up Rs 79.50, or 5.20 percent.
As per exchange filings,The Company stated that it has entered into a share purchase agreement with Oasis Smart SIM Europe SAS (Oasis), a leading embedded-SIM (eSIM) technology supplier, through its Singapore-based subsidiary Tata Communications International Pte Limited (TCIPL). The agreement allows TCIPL to acquire a complete 100% ownership stake in Oasis Smart SIM Europe, allowing Tata Communications to accelerate and expand its MOVE platform roadmap for global markets. The total amount payable for the acquisition is Rs 99.30 crores.
Upon completion of the transaction,Oasis and its subsidiary will become wholly-owned indirect subsidiaries of Tata Communications.TCIPL bought a 58.1% ownership holding in Oasis in 2020, incorporating OSSE France and OSEPL as subsidiaries.
Tata Communications Ltd is the world’s largest leader of the digital ecosystem. It collaborates with 300 Fortune 500 companies to provide cutting-edge solutions such as communication, collaboration, cloud, mobility, integrated solutions, network, and data centre services.
The stock has increased by 60 percent in the last year, starting at Rs 213.In FY 22-23, revenue increased by 6.6 percent year on year to Rs 17,838 crore over the previous year. Similarly, net profit grew by 19 percent to Rs 1,766 crore.
The promoters controlled 58.86 percent of the firm in fiscal year 22-23, while foreign institutional investors owned 17.18 percent and domestic institutional investors owned 14.07 percent.
Written by Omkar Chitnis
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