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| Gemini acquires 51% in Sanat Tech |
| BS Reporter / Chennai Jun 27, 2009, 00:00 IST |
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City-based Gemini Communication, a wireless networking and Wimax solutions company, has acquired a majority stake in Sanat Technologies.
In a filing to the Bombay Stock Exchange on Friday, the company said it had acquired a 51 per cent stake in Chennai-based Sanat Technologies. The acquisition would strength Gemini’s focus on design, development and marketing of unique product solutions.
“We are planning to get into the storage space for sometime. Sanat is a very innovative company and in a very short span has been able to attain a stable position. We are keen to retain and grow its senior management,” Gemini chairman R Ramkumar said.
Gemini Communication was associated with Sanat for about 18 months and was marketing its products. Sanat has tied up with three OEMs, of which two are in Taiwan and one in China.
The initial investment in Sanat would be around Rs 1.5 crore, which would be a token for its working capital and to support sales and marketing. It is expected to become a $7-8 million company, he added.
The company would continue to be based out of Chennai and would be headed by Sanat Technologies director VS Vasan.
Meanwhile, Gemini Communication is floating a new firm along with GEOSS Technologies, a Switzerland-based company. The new company, to be headquartered in Chennai, would be named Gemini GEOSS Pvt Ltd.
It would provide fully funded intelligent metering and payment solutions and services for gas, water and electricity utility providers in the country, said Ramkumar.
“Initially, the focus would be on the domestic market and based on the success we will look at other Southeast Asian countries,” he added.
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