Yash Birla Group Buys Melstar Information Technologies
IT News Online Staff
2009-05-20
The Yash Birla Group announced that it has acquired Melstar Information Technologies Ltd., an application development software services company. This acquisition marks the Group's foray into the IT sector.
Melstar provides Professional Consulting and Project services and solutions. The company is said to be one of the preferred vendors for software development services and has a strong focus on the Banking, Financial Services and Insurance sector.
Melstar has its head office in Mumbai with marketing/sales operations and project services centers operating out of Mumbai, Bangalore, Chennai, Hyderabad, Gurgaon and Kolkata. The company also has offices in the U.S., UK and Singapore as well as wholly owned subsidiaries Melstar Inc. in the U.S. and Melstar (UK) Ltd. in the U.K.
Yash Birla, Chairman of Yash Birla Group, said, "The Melstar acquisition fits into the Group's ongoing thrust on growth and exploring new age sectors like Education, Healthcare and IT. We see a strategic fit between the Yash Birla Group and Melstar vis-ą-vis the directions that the Group has set for itself."
Subsequent to this acquisition, the Board of Directors of Melstar has been reconstituted with Yash Birla as Chairman, P. V. R. Murthy and Anoj Menon as Directors and S. M. Arora as Managing Director. Richard D'Souza has been appointed as the Chief Executive Officer.
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