Kavveri Telecom buys majority stake in Canadian co
03 Jul 2009
Bangalore-based Kavveri Telecom Products has acquired the Canadian design and development company Trackcom Systems International (TSI) with a 67 per cent stake.
Trackcom undertakes designing projects in the defence, electronic warfare and aerospace sectors. Kavveri now intends to enter these areas, according to its managing director, Shivkumar Reddy. ''Most telecom equipment related to defence are now bought by India from the US or Israel. With the 'offset' scheme in defence procurements, an Indian company can offer relevant products,'' he said.
Through this acquisition, the company is looking forward to increasing its revenue from the defence sector from the current 3 per cent to 15 per cent by 2011-12.
TSI's 20 researchers from Montreal would now be added to its current strength of 70 researchers in India and North America.
In the past, Kavveri Telecom had bought three Canadian companies, including DCI Digital Communications, and Til-Tek Antennae and also an Ireland-based subsidiary of a US company, with an investment of about $13 million.
In January 2008, Kaveri acquired Spotwave Wireless Inc USA and Spotwave Wireless Inc Canada at an investment of $7 million.