KTL to acquire up to 49% stake in Logistics Solutions Inc., USA

KTL had acquired the consulting division of Logistics Solutions, Inc., USA in 2007, which resulted in expansion of operations in the US.

Logistic Solutions Inc. which was founded in 1990 is a "global, high-end IT consulting company" specializing in contract positions within the Telecom, Finance, Pharmaceutical and Wireless market. In addition to staffing services they also provide software development and biometrics security implementation services to their clients in the US, Middle East and the Indian sub continent.

The Management is looking at a proposal to acquire up to 49% stake in Logistics Solutions Inc, USA, which would be through issue of Global Depository Receipts (GDRs) on a back to back basis in lieu of cash consideration amounting not more than USD 6 Million.

KTL Board shall in its forthcoming meeting which is scheduled to be held on April 9, 2009 discuss and decide on the aforesaid acquisition.