Yash Birla Group acquires Melstar Information Technology
SOURCE: Business Standard
DATE: May 21st, 2009
The Rs 3,000-crore Yash Birla Group (YBG) marked its foray into the IT sector with the acquisition of Mumbai-based Melstar Information Technologies. Listed on the Bombay Stock Exchange and National Stock Exchange, Melstar is a service provider of professional consulting and project services and solutions.
“The Melstar acquisition fits into the Group’s ongoing thrust on growth and exploring new-age sectors like education, healthcare and IT. We see a strategic fit between the Yash Birla Group and Melstar vis-à-vis the directions that the Group has set for itself,” said Yash Birla, chairman.
The group has interests in auto, textiles, engineering, chemical and power sectors, among others. “We think this is a good time to enter the IT sector. Melstar also has a US subsidiary, which gives us entry into this market as well,” said PVR Murthy, CFO of YBG. The group is looking at further growth through acquisition, with the current focus on West Asian and South East Asian firms.
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