Joint Venture5 Nov 2024, 02:44 pm
Larsen & Toubro to Acquire 21% Stake in E2E Networks for Rs. 1,407 Crore
AI Summary
Larsen & Toubro Ltd. (L&T) has entered into an Investment Agreement to acquire up to 21% stake in E2E Networks Limited, a Delhi-based cloud company. The acquisition, valued at Rs. 1,407 crore, is complementary for L&T's market approach in the fast-growing areas of AI and cloud services. The transaction includes a software license agreement, reseller agreement, and co-location agreement with E2E Networks. L&T will have the right to nominate up to 2 directors on the board of E2E Networks and certain rights and obligations in relation to transfer of equity shares of E2E Networks by the promoters.
Key Highlights
- L&T to acquire 21% stake in E2E Networks for Rs. 1,407 crore
- Acquisition includes a software license agreement, reseller agreement, and co-location agreement
- L&T to have the right to nominate up to 2 directors on the board of E2E Networks
- E2E Networks is a cloud company founded in 2009, headquartered in Delhi, and listed on NSE since 2018
- E2E Networks specializes in providing CPU and GPU-based cloud computing platforms