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Tricom-GGSL Acquisition Moves a Step Closer|
- By CXOtoday Staff, May 05, 2008 1814 hrs IST
- Tags : Tricom-GGSL Acquisition Moves a Step Closer
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Tricom Board approves acquisition of Godrej Global solutions (GGSL). Move targeted to gain position in healthcare services outsourcing market. Stock split also planned
The Board of Directors Tricom India, an ITES provider, has approved the acquisition of Godrej Global Solutions (GGSL), a subsidiary of Godrej Industries. The acquisition will be completed in due course subject to approval from the shareholders.
Tricom will be acquiring 100 % equity of GGSL valued at Rs. 19.63 crore. While a part payment will be made through cash, the remaining will be through optionally fully convertible debentures. Tricom will be funding this deal entirely through internal accruals.
Since 2002, GGSL has been offering customized BPO solutions and services. Their work specializes in 3 main domains -- healthcare, data capture, and data conversion.
"Acquisitions were a part of the growth strategy for Tricom and we hope to grow organically and inorganically." says Chetan Kothari, MD of Tricom India. He further stated, "Post acquisition, the core team of GGSL will continue functioning in their respective positions and capacities."
GGSL currently employs nearly 650 people and has 2 facilities; one at Belapur in Navi Mumbai and the other in Chennai.
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