Tata’s firm Tejas Networks will acquire a majority stake of 64.40% in semiconductor firm Saankhya Labs Pvt Ltd for Rs 283.94 crore in an all-cash bargain. The underlying procurement of Saankhya shares is supposed to close within the following 90 days, Tejas said in a proclamation.
“Tejas Networks, upon procuring all necessary consents and approvals, also intends to proceed with acquiring the balance 35.60 percent shares through a merger process or a secondary acquisition,” the statement said.
Saankhya was established in 2007 by innovation business visionaries with worldwide experience and has fostered a wide scope of framework and semiconductor items for cell remote, broadcast radios, and satellite communication ground terminals, which are conveyed by clients in India and in International business sectors.
Saankhya has 73 international patents (41 granted, 32 filed), and it is building software defined radios (SDR) controlled by its own chipsets.
The acquisition of Saankhya is in accordance with Tata Group’s advantage to foray into the semiconductor business sector.
“This acquisition shows our continued commitment to expand our wireless product offerings to address the growing market opportunity. Saankhya’s products would complement our existing 4G/5G Radio Access Network (RAN) products and position us well for the emerging opportunities in the O-RAN and 5G broadcast space,” Tejas Networks CEO and MD Sanjay Nayak said.
“Our customers and partners will also benefit from a larger product portfolio and an accelerated road map of our products.
This merger will further Saankhya’s founding team’s vision to build a world-class technology company from India,” Saankhya Labs co-founder and CEO Parag Naik said.