Dhanus Tech. acquires majority stake in Sreeven Infocom

Hyderabad, Apr 16 (UNI) Dhanus Technologies Ltd (DTL), a BSE-listed telecommunications company, today said it had acquired 60 per cent equity stake for Rs 7.5 crore in Sreeven Infocom Pvt Ltd (SIPL), the Hyderabad-based IT and ITES services provider.

The acquisition will supports DTL's plans to expand into E-Governance space and strengthen telematics services and BPO service offerings in India. The 'all-cash' deal has been through an additional capital infusion with valuation of Rs 20 per share of SIPL. The company has been rural service provider in Andhra Pradesh and Bihar.

Both the companies, however, will continue to operate separately, with SIPL looking at Rs 60 crore business by 2009-10 from Rs 10 crore, its current topline.

DTL, which targets Rs 180-crore business by June 2008, is looking at 30 per cent growth. DTL, post IPO, had acquired a Turkish telecom company early this year and is negotiating for acquiring telecom companies in Europe and USA, each around USD two million.

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