Jupiter Strategic Technologies buys out engineering services company, Axis IT&T
12 Jan 2008
Bangalore: Tayana Software Solutions (TSSL), a wholly-owned subsidiary of Rajeev Chandrasekhar-controlled Jupiter Strategic Technologies, an aerospace technology company, has acquired 60% stake in Axis IT&T, a Delhi-based, listed, engineering services company, for an undisclosed amount.
As per Sebi norms, TSSL will make a mandatory open offer to acquire an additional 20% in Axis IT&T. The open offer, it is understood, will be made next Monday.
The combined entity, under the Jupiter Strategic Technologies banner, will operate integrated aerospace solutions development centres in Bangalore, Delhi and at overseas locations at Leictershire, UK and Chicago,US.
The entity is expected to start with a head count of about 400 and grow to 600 by 2008-end.
Axis IT&T suffered a loss of Rs1.9 crore on a turnover of Rs5.53 crore for fiscal 2007.
''This acquisition is part of our long-term strategy to build a powerful franchise of aerospace, engineering and communications related business strategically aligned to each other to produce the best and enduring value for all the stake holders and become the first choice partners to aerospace and engineering majors worldwide,'' said Jupiter Strategic Technologies MD S Ravi Narayanan.
Private Air, the fractional ownership, helicopter leasing and charters business run by Rajeev Chandrasekhar-promoted aviation services firm, Jupiter Aviation, could be integrated with Jupiter Strategic Technologies.
Similarly, the aviation life-cycle support business of Jupiter Aviation, comprising the proposed ab initio training centre in Hassan, TRT training centre in Bangalore could also be integrated with Jupiter Strategic Technologies, as also the airport development at Hassan in Karnataka.
''Our aim is to become the only fully vertically integrated aviation company in India through the aerospace value chain,'' said Narayanan.
Jupiter Strategic Technologies many clients client includes India's ministry of defence. The firm will also extend aerospace technology services to its partner, European Aeronautic Defence and Space (EADS).