Tricom to buy Godrej unit for Rs 19.63 cr
New Delhi, May 2 (UNI) Back-office services provider Tricom India Ltd today said it plans to acquire Godrej Global Solutions Ltd (GGSL) for Rs 19.63 crore.
Godrej Global is a subsidiary of Godrej Industries.
Payment will be in cash and through optionally fully convertible debentures and Tricom will be funding this deal entirely through internal accruals, a company statement said.
Godrej Global provides back office services in healthcare, data capture and data conversions, it added.
The Godrej unit reported a revenue of Rs 16.5 crore in 2007-08.
''Acquisitions were a part of the growth strategy for Tricom and we hope to grow organically and inorganically,'' said Tricom Managing Director Chetan Kothari adding that post acquisition, the core team of GGSL will continue functioning in their respective positions and capacities.
''We are looking forward to exploring synergies as both the companies are focused in similar areas of business. We believe that using the additional infrastructure that Tricom will provide, we will be able to grow faster and service our clients more efficiently,'' said GGSL Managing Director Sanjay Tipnis.
GGSL currently employs nearly 650 people and has two facilities; one at Belapur in Navi Mumbai and the other in Chennai.
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