Infotech Enterprises, a geospatial, design engineering and software services and solutions company, has picked up 74 per cent stake in Hyderabad-based Geospatial Integrated Solution Private (Geospace Integra) for Rs 2.96 crore (Rs 29.6 million).
Under the terms of the agreement, both the companies will merge their geospatial business in India and West Asia into a single entity.
The new entity, which will operate as a subsidiary of Infotech, will be led by Chandrasekhar Nori, chief promoter and managing director of Geospace Integra.
By investing in Geospace and leveraging the combined entity's strengths, Infotech will move into an even stronger position to address the high-growth geospatial markets in India and West Asia, the company stated in a press release today.
"By leveraging the knowledge and experience of Geospace Integra, we will have a compelling value proposition for customers in these markets. We hope to achieve revenues of Rs 100 crore (Rs 1 billion) in the next three years from our India and West Asia business," BVR Mohan Reddy, chairman and managing director of Infotech Enterprises, said.
The geospatial market in India and West Asia is estimated at Rs 1,000 crore (Rs 10 billion) and is expected to grow by 12 per cent over the next five years.
