Financial Daily from THE HINDU group of publications
Tuesday, Jul 13, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jul 13, 2004 |
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Info-Tech
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Mergers & Acquisitions Sunil Gupta buys IVL India from German promoters Our Bureau
Thiruvananthapuram , July 12 THE city-based IVL India Pvt Ltd has announced that its Managing Director, Mr Sunil Gupta, will acquire complete ownership of the company from its German promoters SEI GmbH. Addressing a press conference in the city on Monday, Mr Gupta said he was acquiring all the shares of the company from its German promoters, subject to approval from various regulatory bodies. He also announced that he had reached an agreement `in principle' to acquire complete ownership of another city-based company Optibiz Software Technologies Pvt Ltd. The details of both acquisitions, including the payment details, were being worked out, he added. Mr Karl-Josef Errens and Mr Stefan Heitmann of SEI GmbH and Mr Sujith Philip Phillipose of Optibiz Software Technologies were also present at the press conference. When asked whether the new company would continue to be called IVL India, Mr Gupta replied that no decision on the name of the merged entity had been taken so far. Similarly, the management structure of the company to be formed by the union of IVL India and Optibiz Software Technologies, would have to be worked out, he added. The new company will continue to work on software development in the SAP R/3 domain, but will also move into other areas of software development, said Mr Gupta. The venture will also continue to have business relationships with a German company promoted by Mr Errens, he said. The Indian company will continue to act as the offshore software development facility for business sourced from Europe by its German partner, he added. Set up at the Technopark-Thiruvananthapuram in 1995, IVL India was formed as a 100 per cent subsidiary of IVL Germany. The Indian company was later taken over by SEI GmbH. The Indian company's turnover in the last financial year was Rs 8 crore. Also located at the Technopark-Thiruvananthapuram, Optibiz Software Technologies was set up in 2000 and also works in the SAP domain, but with a focus on the domestic market. The company's turnover in the last fiscal was Rs 2 crore.
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