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GCL Buys 51 Per Cent Stake In Veeras Infotek
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The deal is valued at around Rs 7 crores, and is funded through internal accruals of GCL.
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Monday, June 16, 2008:
Gemini Communication Ltd (GCL) has acquired 51 per cent in a Chennai-based Veeras Infotek, for Rs 7 crores. Veeras is a strategic addition to GCL's network security business. The acquisition will extend GCL's network security and business continuity capabilities and will also increase the company's client base.
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"The addition of Veeras Infotek will advance GCL's vision of becoming a major player in network security space," said Ram Kumar, executive director, GCL. "We are keen on to retain and grow the senior management of Veeras Infotek and will extend our expertise."
Sudarsan Ranganathan, chief executive officer, Veeras Infotek Private Limited, commented, "GCL's global reach, scale, widely recognised brand and customer relationships make it the ideal partner for Veeras Infotek. Our combined teams will create exciting growth opportunities for Veeras Infotek and our customers. We look forward to the association with the GCL team."
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