Marking its foray into the IT sector, the Rs 3,000-crore Yash Birla Group today said that it has acquired Melstar Information Technologies, an application development software services company.
Commenting on the acquisition, the group's Chairman Yash Birla said that "the Melstar acquisition fits into the group's ongoing thrust on growth and exploring new-age sectors like education, healthcare and IT".
Melstar is a complete service provider of professional consulting and project services and solutions and is one of the preferred vendors for software development services, a statement said.
"We see a strategic fit between the Yash Birla Group and Melstar vis-a-vis the directions that the group has set for itself," Yash Birla said.
Subsequent to this acquisition, the Board of Directors of Melstar has been reconstituted with Yash Birla as Chairman, P V R Murthy and Anoj Menon as Directors and S M Arora as Managing Director.
Richard D'Souza has been appointed as the Chief Executive Officer, the release said.
The Yash Birla Group has interest in auto, engineering, textiles, chemical, power among others.