Tech Mahindra investing into Infotek Software, Vitaran Electronics
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.
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.
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.
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.
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.
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.
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