Sintex buys Digvijay Communications

Ahmedabad: Sintex Industries Ltd, a major player in the plastic and textile segments, on Wednesday announced the acquisition of Digvijay Communications and Networks Pvt Ltd (DCNPL) through its 74-per cent subsidiary Zeppelin Mobile Systems India Ltd in the form of a slump sale deal amounting to Rs 54 crore, subject to closing adjustments. YES Bank was the exclusive strategic and financial advisor to Sintex on this transaction.

Mr Amit Patel, Managing Director, Sintex, said the move would offer his company an opportunity in the communication infrastructure space. Digvijay has a healthy market share in providing complete telecom support solutions to major telecom companies in the central Indian states.

The current management team of Digvijay would continue to lead the growth initiatives going forward as well. Zeppelin would provide necessary financial assistance and business/customer synergies to enable DCNPL achieve larger scale, a company spokesman said here.

Zeppelin would get access to new clientele in the telecom space though this buy.