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(21 Oct 2023, 13:39)

Entertainment Network (India) to acquire 'Gaana' for Rs 25 lakh

Gamma Gaana is a related party to the company, and the transaction is considered a related party transaction conducted at "arm's length".

The board of Entertainment Network (India) (ENIL) today approved the execution of a business transfer agreement (BTA) with Gamma Gaana for acquiring its music licensing business 'Gaana'. The acquisition will be done on a going concern basis through a slump sale. The size of the agreement is not expected to exceed Rs 25 lakh.

Gamma Gaana is engaged in the business of licensing music audio content and hosting and streaming such music audio content in different languages through applications dedicated to online music streaming under the name 'Gaana'.

The transaction is considered a related party transaction conducted at "arm's length". Gamma Gaana reported turnover of Rs 64.43 crore in FY23, Rs 116.77 crore in FY22 and Rs 117.88 crore in FY21.

The acquisition is expected to be ...

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