Siti Networks board approves to discuss consolidation of operations in East India

The company board feels the proposed consolidation of operations, once effected, will offer better control and cost rationalization through better deals with broadcasters and Telco’s, thus unlocking value.

Nov 10, 2020 07:11 IST India Infoline News Service

Siti Networks Limited board approves to initiate discussions with the Joint Venture Partner of its material subsidiary company namely Indian Cable Net Company Limited (ICNCL) for consolidation of operations in East India to attain the benefits of economies of scale and synergy in operations.

The company board is of the view that the proposed consolidation of operations, once effected, will offer better control and cost rationalization through better deals with broadcasters and Telco’s, thus unlocking value. This will also lead to a common and unified network approach which brings in unified rollouts of new technical initiatives across both existing and new geographies, thus providing immense value and benefits to the customers of the company.

“To better meet evolving competitive landscape and to offer cutting edge services to our customers, the Board has given its in-principal approval to initiate discussions with the Joint Venture Partner of its material subsidiary company namely Indian Cable Net Company Limited for consolidation of operations in East India to attain the benefits of economies of scale and synergy in operations.

At around 1.28 pm, Siti Networks was trading at Rs0.51 per piece down by Rs0.02 or 3.77% from its previous closing of Rs0.53 per piece on the BSE.

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