Sonata picks 50.1 pc in Germany's TUI InfoTec

New Delhi, Nov 27: Sonata Software Ltd today said it has bought out 50.1 per cent stake in Germany's TUI InfoTec through its UK subsidiary Sonata Europe Ltd at a consideration of 18 million euros.

The company said stated it received a funding of 10 million Euros from State Bank of India, London, while the balance amount was funded through internal accruals.

''Transition of work from TUI InfoTec to the JV has already started. Going forward, our focus will be on the execution of a joint plan, to ensure that the objectives of the JV are met.

Detailed sales and marketing plans for new customer acquisition are being drawn up,'' company President and Managing Director B Ramaswamy said.

Sonata Europe Ltd had signed on November 24 the closing memorandum with TUI InfoTec and remitted 18 million euro, he said in a note to the Bombay Stock Exchange.

Earlier, Sonata had announced that it has signed an agreement with TUI AG, Europe's leading tourism and shipping group, to acquire 50.1 per cent stake in TUI InfoTec, an IT company headquartered in Hanover, Germany, for a consideration of 18 million euro in an all cash transaction.

The company has also received anti-trust clearance from the Federal Cartel Office in Germany.

UNI