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Thursday, Apr 11, 2002

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Nihar, Genesys merger awaits court nod

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NIHAR Infoway Ltd, the Hyderabad-based Web services firm, has announced moves to merge the company's operations with that of Genesys Securities Ltd, effective January 1, 2002. The amalgamation is subject to the Andhra Pradesh High Court approval.

The Managing Director of Nihar Infoway Ltd, Mr B.S. Suryanarayana, on Tuesday said that the company shareholders meeting which was held recently approved the merger plan and likewise, the shareholders of Genesys Securities too, at a meeting held on April 6, ratified the proposal.

Addressing a press conference, Mr Suryanarayana, said that the combined equity of the merged entity, approved by the shareholders, but yet to receive the court nod, would be Rs 5.4 crore. Of this, the promoters' stake will be 60 per cent and the rest will be with the public.

He said that following changes in the business scenario and the slowdown, the only way to grow further was to build on strategic relationships and diversify into newer areas. As a follow-up, the company was eyeing the potential in some of the niche areas of IT-enabled services. It may be recalled that Nihar had last year acquired 51 per cent stake in a US-based consulting firm — Winquest Consultants.

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