INDIA BUSINESS WORLD - JANUARY 1st - JANUARY 15th
- 2008
RAJEEV CHANDRASEKHAR CO ACQUIRES 60% IN AXIS IT&T
Rajeev Chandrasekhar-controlled Tayana Software Solutions Ltd, (TSSL), a whollyowned subsidiary of Bangalore-based Jupiter Strategic Technologies, has acquired 60% stake in Axis IT&T Ltd (AXIT), a Delhi-based listed engineering services company, for an undisclosed amount. TSSL will make the mandatory open offer (as per Sebi norms) to acquire an additional 20% in Axis IT&T. The open offer is expected to commence on January 14, 2008.
Axis IT&T suffered a loss of Rs 1.9 crore on a turnover of Rs 5.53 crore for fiscal 2007. The combined entity, which will be under Jupiter Strategic Technologies banner, an aerospace technology company, will operate integrated aerospace solutions development centres in Bangalore, Delhi and overseas locations at Leistershire, the UK and Chicago. The entity is expected to have a head count of about 400 to begin with, which is expected to grow up to 600 by 2008-end.
"This acquisition is part of our long-term strategy to build a powerful franchise of aerospace, engineering and communications related business strategically aligned to each other to produce the best and enduring value for all the stake holders and become the first choice partners to a e r o - s p a c e and engineering majors worldwide," said Jupiter Strategic Technologies MD S Ravi Narayanan.
Private Air, the fractional ownership, helicopter leasing and charters business run by Rajeev Chandrasekhar-promoted aviation services firm, Jupiter Aviation, could be integrated with Jupiter Strategic Technologies. Similarly, the aviation life cycle support business of Jupiter Aviation comprising the proposed ab-initio training centre in Hassan, TRT training centre in Bangalore could also be integrated with Jupiter Strategic Technologies. So also will the airport development at Hassan in Karnataka. "Our aim is to become the only fully vertically integrated aviation company in India through the aerospace value chain," said Mr. Narayanan.
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