Mumbai-headquartered GGSL offers services in three main domains -- healthcare, data capture and data conversion. GGSL provides services from its offshore service delivery centres at Chennai and Navi Mumbai and has its US offices in Minneapolis and Boston. The company showed a top line of Rs 16.50 crores in FY07-08.
Commenting on the deal, Sanjay Tipnis, managing director, GGSL, said, "We are looking forward to exploring synergies as both the companies are focussed in similar areas of business. We believe that using the additional infrastructure that Tricom will provide, we will be able to grow faster and service our clients more efficiently."
"Acquisitions were a part of the growth strategy for Tricom, and we hope to grow organically and inorganically," stated Chetan Kothari, managing director, Tricom India Limited. "Post acquisition, the core team of GGSL will continue functioning in their respective positions and capacities."
The acquisition will be completed in due course subject to approval from the shareholders. To facilitate the liquidity in the market, Tricom board has also recommended sub-division of the equity shares with the face value of Rs 10 each to the face value of Rs 2 each (i.e. one share of Rs 10 each will become 5 shares of Rs 2 each). This sub-division is also subject to necessary approvals. |
