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Our Bureau

Hyderabad, Oct. 8 Northgate Technologies Ltd, a Hyderabad-based technology, eCommerce and online advertisement solutions provider, has announced its intent to restructure its operations.

According to a statement from Mr S. Venkat S. Meenavalli, Chairman and Managing Director, there is no material increase in tax liabilities. However, in accordance with regulatory issues, there is likelihood of some inter-company payments for share transfers and for intellectual property created.

In a statement, the company informed the BSE: “We are in the process of restructuring our corporate business structure. This is aimed at enhancing operational and financial efficiencies, leverage benefits and achieve flexibility in developing new businesses.”

The company management expects that the restructure would help it continue to expand operations globally while addressing new markets and to serve them with specialised products.

The new structure would also help the company offer locally tailored products and services in select markets both in India and China.

The company expects that the process would be completed by December.

According to the arrangement, Northgate Technologies Ltd (India) would be the flagship company, and have two subsidiaries Northgate Investment Pte Ltd (Singapore), and Social Media India Ltd.

Under Northgate Investment, the company would have Globe 7 Pte Ltd, Singapore, Globe 7 Inc, (New Jersey, US), Axill Europe Ltd (UK), Globe 7 HK Ltd, (Hong Kong), and China Business Company. Further, under Social Media India Ltd, it would have India Business Co (Data Centre) (UK).

Following the restructuring, Northgate Technologies would handle contract services, IT and IT Enabled Services, and be the majority owner of other entities of the group.

More Stories on : Restructuring | Software

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