Sriven Tech Calls Off Deal With Color Chip

Sriven Multi-Tech has called off its strategic partnership in Color Chip, a company engaged in 2D and 3D animations.

V V Subrahmanyam, chairman and managing director, said: "Due to differences over business matters with the management we have decided to end our strategic partnership with the company."

Sriven Multi-Tech had picked up around 11 lakh shares (of Rs 10 each) or 10.89 per cent stake in Color Chip between July 16 and 19 to strengthen its position in 2D animation business.

Sriven is in the business of developing graphics, multimedia content development, CDROMs, touch screen and Internet technologies. Color Chip, promoted by Uttam Kumar, an artist and animator who was earlier with the Hollywood, had acquired a loss-making NBFC company, Arham Fiscals, to get listed on stock exchanges. Currently, Sriven is trading in the range of Rs 46 and Color Chip at Rs 26.

Meanwhile, Sriven has tied up with the Indian Railways to develop touch-screen kiosks at various stations on a build-operate-and -own basis. The company has also bagged orders from the ministry of non-conventional energy and the Andhra Pradesh tourism. In collaboration with BSES, it plans to set up 100 e-marts in Mumbai in the next 18 months at a cost of Rs 45 crore. The project will be implemented by the joint venture company, Sriven-BSES.