Cambridge Tech to divest Global Solutions
06 Oct 2009
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Cambridge Technology Enterprises (CTEL), a Hyderabad-based provider of service-oriented architecture-based solutions, announced today that it will be divesting its wholly-owned subsidiary, CTE Global Solutions Pvt Ltd.
A definitive agreement towards this was approved by the board of directors of the company at its meeting on 5 October.
This measure is part of the ongoing efforts of simplifying and enhancing the efficiency of the company's global operations and its corporate structure.
All the employees and the global delivery services being provided by CTE Global Solutions to CTE-US will be transferred to CTEL's Bangalore branch as part of this business restructuring, the company said in a filing to the Bombay Stock Exchange.
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