UK's Xansa inks pact with Alpha Tiger Ltd

By Staff
|
Google Oneindia News

New Delhi, May 30: Xansa, one of the leading outsourcing and technology firm entered into an agreement with Alpha Tiger Property Trust Ltd for the sale and leaseback of the company's real estate interests in India for Rs 190.87 crore (about 35 million Euro).

The agreement appoints Alpha Tiger, as Xansa's preferred provider in India, the UK-based company said in a filing to the London Stock Exchange.

This agreement is conditional on local and Central government approvals, including Special Economic Zone (SEZ) notification and is expected to be completed in phases.

The proceeds of the transaction, which are expected to be up to 35 million euros before expenses and taxes, would be used to reduce Group Net Debt.

The agreement would enable Xansa to crystallise the value inherent in its real estate portfolio in the country and establish a strategic relationship with a local real estate partner.

"We have developed our own properties in India over the past ten years. This outsourcing arrangement with Alpha Tiger will provide an excellent solution to our current and future real estate requirements in India, whilst freeing up capital and resource to focus on the further development of our core business," Xansa Chief Executive Alistair Cox said.

Xansa employs over 8,000 people in the UK and India.

OneIndia News
>

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X