Ramco Systems to divest 100% stake in RITS to TVSICS

Chennai, Apr 12 (UNI) The Board of Directors of Ramco Systems Ltd, in a meeting here today approved the divestment of its 100 per cent stake in its wholly owned subsidiary - Ramco Infotech Solutions Ltd (RITS) to TVS Interconnect Systems Ltd (TVSICS), a wholly owned subsidiary of T V Sundaram Iyengar and Sons Ltd.

The company had already entered into a non binding MoU with TVSICS, according to a company press release here.

The closure of the transaction was subject to satisfactory due diligence, execution of definitive documents and other approvals and regulatory clearances.

The Secure Converged Networking division of Ramco Systems was spun off into its 100 per cent subsidiary, RITS, with effect from April one 2006.

Ramco Systems' decision to divest its stake in the subsidiary would help it focus completely on its core business - developing next generation enterprise applications using its revolutionary business process platform, the release added.

UNI