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| Gemini Comm buys 51% stake in Sanat Tech |
| BS Reporter / Chennai Jun 26, 2009, 16:33 IST |
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Chennai-based Gemini Communication, a wireless networking and Wimax solutions company today said it has acquired a majority stake in Sanat Technologies. The company has joined hands with a Switzerland-based company to float a new company for providing intelligent metering and payment operation solution.
In a filing to the Bombay Stock Exchange (BSE) today the company had said that it has 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 in to the storage space for sometime now. Sanat is a very innovative company and in a very short span it has been able to attain a stable position. We are keen to retain and grow the senior management of Sanat Technologies,'' Gemini Chairman R Ramkumar said.
Gemini Communication was associated with Sanat for about 18 months and was marketing its products. The company (Sanat) has tied up with three OEMs of which two in Taiwan and one in China, he told Business Standard.
He added, the initial investment in Sanat would be around Rs 1.5 crore which will be a token for their working capital and to support sales and marketing. The company is expected to become a $7-8 million company, he added.
The company will continue to be based in Chennai and Sanat Technologies Director VS Vasan to head the company.
Meanwhile Gemini Communication to float a new company along with GEOSS Technologies, a Switzerland-based company. The new company will be called as Gemini GEOSS and will be headquartered in Chennai.
The new company will provide fully funded intelligent metering and payment solutions and services for gas, water and electricity utility providers in the country, said Ramkumar.
While the customers, utility providers, will not be charged for the product or the solution, the company will share per centage of saving by these utilities using the solution.
To start with focus would be domestic market based on the success we will look at other South East Asian countries, he added.
Initial capital would be around Rs 1 crore on award of contracts by the utility providers will fund the entire project including the setting up of complete infrastructure and deployment of solution and will operate on a BOOT business model.
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