Processing .....please wait.. 
The article has been forwarded.... 
News >> Technology >>
3i Infotech mulls overseas operations
By siliconindia
|
Friday, 11 March 2005, 20:30 IST
MUMBAI: Mumbai based 3i Infotech is consolidating its overseas operations ahead of its initial public offering (IPO). In the first phase of consolidation, the company will merge its Australian subsidiary with its US subsidiary.
In addition, the company will acquire the remaining 50 percent in its joint venture Semantik Solutions GmbH. 3i had entered into a joint venture agreement with Germany-based Fraunhofer Institute for software and systems engineering (ISST) and Innova Business Development and Holding GmbH in March 2002.
As per the agreement, 3i invested euro 12,500 for a 50 per cent stake in Semantik Solutions GmbH. 3i will acquire the 50 percent interest in the joint venture after which Semantik will become a part of the company.
In addition, the company also plans to consolidate the operations of its U.S. and Australian subsidiaries by merging them. The company's US subsidiary 3i Infotech Inc was set up in 2001 while the Australian facility was set up in 2003 to market banking, insurance and financial IT solutions.