Centum Electronics has acquired majority stake in Adetel Group of France. However, the company has not disclosed the financial details of the deal. As part of Centum Electronics’ global expansion strategy, the new acquisition strengthens the company’s design services offering in the global markets. Adetel specialises in design, development and industrialisation of embedded electronic systems for defence, aerospace, industrial, transportation, medical and energy sectors. Centum Electronics will hold 51 per cent controlling stake in Adetel Group. The new partnership translates into greater international presence for the group, both in terms of operations and scale of its products, technologies and competencies. The group can leverage on the high technology capabilities and creativity of Adetel along with the cost competitiveness of India, and Centum in particular, to increase their market share in the global markets, Centum Electronics said in a statement. While shares of Centum Electronics gained 0.09 per cent at ₹549.9, on the NSE, they slipped 0.19 per cent at ₹547.9.

The board of Brigade Enterprises has given in-principle approval to hive off its hospitality business into a wholly-owned subsidiary, the company said in an exchange filing on Thursday. The hospitality segment generated revenue of ₹183 crore in 2015-16 (April-March), up from ₹165 crore a year ago and a profit of ₹35.42 crore. The company undertakes projects of serviced residence facilities, clubs, hotels, resorts, spas, and convention centres under the hospitality segment. Shares of Brigade Enterprises ended up 13.5 per cent at ₹179.95 on the National Stock Exchange.

Published on June 17, 2016