Siti Networks, a multi system operator (MSO) owned by the Essel Group announced that its subsidiary, Indian Cable Net Company, is going to purchase 76% stake in Meghbela Infitel Cable & Broadband.

The board constituted investment committee of the company in its meeting held on Mar.25, 2021 approved the acquisition of 76% equity stake in the paid-up equity share capital of Meghbela Infitel Cable & Broadband through the company's material subsidiary, Indian Cable Net Company.

Meghbela Infitel Cable & Broadband was incorporated on Jul.09, 2015 and is engaged in business of multi system operators. It has presence in Kolkata, West Bengal.

Meghbela is in the process of acquisition of cable TV business in Kolkata, which will help in expansion of market of the company in Kolkata. The acquisition is expected to complete before Mar.31, 2021.

Shares of the company gained Rs 0.04, or 4.82%, to settle at  Rs 0.87.  The total volume of shares traded  was 5,462,450 at the BSE (Friday).