New Delhi, Sep 30: UK-based Grass Roots Group today said it has acquired 90 per cent stake in the Mumbai-based merchandise and corporate gift supplier Tajonline India Pvt Ltd.
''Grass Roots has acquired 90 per cent of the shares in the company with the remaining 10 per cent owned by Charoo Aggarwal, the co-founder of Tajonline,'' the company said in a statement without disclosing the financial details of the transaction. This provides Grass Roots the ownership of Tajonline.com, an online portal that caters for the needs of Indians based overseas, who wish to send gifts to family and friends in their home country.
''Acquisition will continue to be a component of our growth strategy in building capability in India; however we are focused now on combining the existing Grass Roots business with Tajonline to create a single Grass Roots business in India,'' Grass Roots Group's Regional Director (Asia) Stephen Hibberd said.
Under the new set-up, Ms Charoo Aggarwal will be assuming the role of Managing Director of Grass Roots India.
Tajonline has grown from a turnover of Rs 1.20 crore in FY2002 to Rs 11.15 crore in fiscal 2008.
Grass Roots is an international business improvement services group, with offices all over Europe, Latin America, the US, West Asia and Asia Pacific.