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Our Bureau

Chennai , May 16

ELNET Technologies Ltd, a joint venture between Electronics Corporation of Tamil Nadu and New Era Investments, plans to promote a wholly owned subsidiary — Elnet Software City Ltd — for the development of Elnet software parks, said a company official.

Elnet Technologies also plans to transfer the business development rights of 2.44-lakh sq ft to Elnet Software for a consideration of Rs 16.90 crore to be paid by means of fully paid-up equity shares of Elnet Software.

This was approved by members of Elnet Technologies at the annual general meeting held on May 7, says a company communication to BSE.

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