Macmillan India okays 100 pc equity of Interactive Composition

Mumbai, Mar 6 (UNI) Macmillan India Ltd's board of directors, at its meeting, today approved the acquisition of 100 per cent shares of Interactive Composition Corp, a US-based company for a consideration of around Rs 15 crore.

Secondly, the company will enter into a formal agreement for the purchase shortly after the completion of necessary formalities. ICC, has a wholly-owned subsidiary in India, it informed BSE.

The acquisition would enable the company to enhance its presence in the US and contribute to increased revenue growth in North America region. ICC India has 300 employees, while ICC (US) has 15 employees.

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