Kaashyap acquires US-based co's consultancy division

PTI - The Press Trust of India Ltd. (accessmylibrary)
Chennai July 4, 2007

PTI: Kaashyap Techologies Ltd today said it has acquired the consultancy division of US-based Logistics Solutions Inc (LSI) for 8.5 Million dollars.

Addressing a press meet here, A Venkataramani, Chairman said the takeover was for a consideration of 8.50 Million USD. He also said Kaashyap was planing two more acquisitions in RFID and credit card identification space.

He said the company had paid 2 Million USD for the acquisition and the balance will be paid later in cash. It had also recently raised 8.5 Million USD through a GDR issue.

The company restructured last October and has chalked out a growth strategy, he said.