Virinchi Tech buys facility in Canara Bank auction
To form new company 'Tyohar Foods' for foray into catering biz
Virinchi Technologies Limited, a Hyderabad-based IT products and services provider, has purchased a building of 50,000 sft built-up area on 5,000 square yards of land in the prime industrial area of Jeedimetla on the outskirts of Hyderabad.
The building, bought via a public auction conducted by Canara Bank for an undisclosed sum, will be primarily developed as a training centre in pursuance to the business plan of the company's wholly-owned subsidiary -- Virinchi Learning Private Limited – of offering pre-employment skill development and training courses fora fee, to eligible postgraduates and graduates in five cutting-edge specialisations.
In a filing to the BSE on Tuesday, Virinchi said its board had approved that a portion of the building be developed for setting up a commercial kitchen for in-house requirement of its employees and trainees of the skill development project.
The kitchen will also cater to market requirements as a scale-up option, to be managed as a separate profit centre, under a separate 100 % subsidiary called ‘Tyohar Foods Private Limited’, the company said.
The scrip of Virinchi Technologies is currently trading at Rs 10.40 on the BSE, up 1.96 %, over the previous close of Rs 10.20.