Ex-BPL chief's company buys 60% stake in Axis IT&T

Bangalore: Rajeev Chandrasekhar-controlled Tayana Software Solutions (TSSL), a wholly-owned subsidiary of Bangalore-based Jupiter Strategic Technologies, has acquired 60% stake in Axis IT&T (AXIT), a Delhi-based listed engineering services company, for an undisclosed amount.
TSSL will make the mandatory open offer (as per Sebi norms) to acquire an additional 20% in Axis IT&T. The open offer is expected to commence next Monday.
Axis IT&T suffered a loss of Rs 1.9 crore on a turnover of Rs 5.53 crore for fiscal 2007. The combined entity, which will be under Jupiter Strategic Technologies banner, an aerospace technology company, will operate integrated aerospace solutions development centres in Bangalore, Delhi and overseas locations at Leictershire, the UK and Chicago in the US. The entity is expected to have a head count of about 400 to begin with, which is expected to grow up to 600 by 2008-end.
12/01/08 Economic Times

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Categories: Indian Aviation- In General Jan 2008, New Jan 2008