Usha Martin Education & Solutions Ltd

Usha Martin Education & Solutions Ltd

Usha Martin Infotech Limited was promoted by K Jhawar Brij and the company is engaged in software development and software related services.On 4th September 2000 the Calcutta High Court approved the Scheme of Arrangement between the company and Usha Beltron Limited whereby the IT and Knowledge based businesses of Usha Beltron Limited were transferedto the company with effect from 01.01.2000. Pursuant to the Scheme of Arrangement the company allotted 26414411 Equity Shares of Rs.5 each fully paid up and 1000000 Cumulative Redeemable Preference Shares of Rs.50 each fully paid up to the shareholders of Usha Beltron Limited.The Software Services Business of the company at Gurgaon unit has been operational since August 2000. In the first seven months of its operations the division achieved revenue of Rs.221.02 lakhs including from export earning of Rs.183.35 lakhs.The Learning Solution Business of the company at Chennai is a joint venture of the company with the Indian Institute of Technology(IIT)chennai. This academy is called UACT and provides various courses in the field of telecommunications information technology and technology management.The company has invested Rs.5414.05 lakhs in Usha Communication Technology(UCT). UCT which was started by Usha Beltron Limited adn is one of india's very few Telecom Software Product companies.During the year 2000-01 the company has entered into joint venture agreement with Samsung Group of Korea and Mittal group of India to form a private company to developmarketselltrainconsult on and support software solutions and to supply technical resources and expertise and services ancillary thereto. The company and Mittal Group will each hold 24.50% of the equity of the joint venture while Samsung Group will hold 51% of the equity. The company has made an investment of Rs.766.70 lakhs in this joint venture.The company has closed down its operation of Learning Solution Business during the year 2003-04.