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Chennai, Sept. 1 California Software Company Ltd (Calsoft) will divest its 66 per cent equity stake in the Japan-based Codex Ltd, a trading solutions provider whose customers include Itochu Petroleum Ltd.

It will also divest its 51.28 per cent stake in the Kochi-based Team Frontline Ltd.

Since Calsoft has a presence in the oil and energy markets, this acquisition was aimed to strengthen its position in this vertical within Japan.

However, the growth did not happen as anticipated and new opportunities have evolved that promises better returns. Hence Calsoft has decided to disinvest its investment to the tune of 66.67 per cent, according to a company official.

The Chennai-based software company acquired 51 per cent stake in Team Frontline, which specialises in Network Management and Software Development, in 2004.

However, since the acquisition was not yielding the desired results Calsoft decided to disinvest its stake, the official said.

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