Tech Mahindra Ltd said , it will acquire an 18.1% stake each in Infotek Software & Systems Pvt. Ltd and Vitaran Electronics Pvt. Ltd for a total of up to Rs 13 crore.
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With the increasing demand into the segment of radio-frequency identification (RFID) segment, It’ll use the target companies’ to build a footprint in the asset monitoring, tracking and automated billing solutions market.
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The investment will also help expand Tech Mahindra's portfolio of solutions to cater to smart-city projects, the company said in a stock-exchange filing.
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Infotek, started in 2000, sells RFID products and provides installation and software maintenance services. The company clocked revenues of Rs 29.28 crore in the 12 months ended 30 September 2018.
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Vitaran, was incorporated in 2006, selling RFID products in access control systems. The company registered revenue of Rs 12.68 crore in the 12 months ended 30 September 2018.
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Tech Mahindra is part of the diversified Mahindra Group. The company posted revenue growth of 6% at Rs 30,773 crore and net profit growth of 35% at Rs 3,800 crore in the fiscal ended 31 March 2018 on a year-on-year basis.
