Tata Communications Ltd on Monday (July 10) said its Singapore-based subsidiary Tata Communications International Pte Ltd (TCIPL) has

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acquired the remaining 41.9 percent equity in Oasis Smart SIM Europe SAS (Oasis).

The transaction allows TCIPL to gain complete 100 percent equity shareholding in Oasis Smart SIM Europe, enabling Tata Communications to accelerate and augment Tata Communications MOVETM platform roadmap for global markets.

As part of the share purchase agreement, Tata Communications will buy out the remaining stake from the non-controlling shareholders of Oasis. It is expected that the acquisition will be complete within one month, subject to customary legal requirements, the company said in an exchange filing.

Post-closing of the transaction, Oasis, and its subsidiary will become wholly-owned indirect subsidiaries of Tata Communications. Earlier in December 2020, TCIPL had acquired a majority equity stake of 58.1 percent in Oasis.

Oasis develops and provides advanced technologies and personalised services to enable the deployment of eSIM and SIM technologies. It has delivered over 350 million operating systems worldwide, worked with more than 100 mobile network operators (MNOs) and has been empowering OEMs and IoT service providers to deliver eSIMs potential to global enterprises.

Tri Pham, Chief Strategy Officer of Tata Communications, said the global eSIM industry is growing exponentially and disrupting the industry. The company is accelerating efforts to empower enterprises and gain a stronghold.

Olivier Leroux, CEO of Oasis, said, "Together we have already launched a unique cloud-based eSIM that simplifies deployment across fragmented supply chains and benefits enterprises globally. We are now ready to evolve to the next level to scale strategically and seize the global eSIM market."

Shares of Tata Communications Ltd ended at Rs 1,536.00, down by Rs 13.85, or 0.89 percent on the BSE.

(Edited by : Shoma Bhattacharjee)

First Published:Jul 10, 2023 6:41 PM IST