Tejas Networks is set to acquire 64.40 percent stake in Saankhya Labs for INR 283.94 crore in cash. The initial acquisition of Saankhya shares is expected to close within the next 90 days.
Tejas Networks also aims to acquire the balance 35.60 percent stake through a merger process or a secondary acquisition.
Saankhya, founded in 2007, has developed a range of system and semiconductor products for cellular Wireless, broadcast radios and satellite communication ground-terminal. Saankhya has more than 250 engineers, with expertise in wireless communication systems and fabless-semiconductor design.
“Saankhya’s products would complement our existing 4G/5G Radio Access Network (RAN) products and positions us well for the emerging opportunities in the O-RAN and 5G Broadcast space,” Sanjay Nayak, CEO and MD of Tejas Networks said in a news statement issued on Thursday.
Parag Naik, Co-founder and CEO of Saankhya Labs said: “Being part of Tejas Networks gives us a strong platform to scale up the business for our wireless products and technologies in India as well as in to international markets.”
ONE Media 3.0, the largest shareholder of Saankhya, will sell majority of its stake in Saankhya and post merger, will retain a minority shareholding in Tejas.
