Yash Birla Group gulps Melstar

By SiliconIndia   |   Tuesday, 26 May 2009, 09:25 Hrs   |    3 Comments
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Yash Birla Group gulps Melstar
Bangalore: The Yash Birla group has entered into IT industry with the acquisition of Melstar Information Technologies, an application development software services company. Melstar is a complete service provider of professional consulting and project services and solutions.
It is considered as one of the preferred vendors for software development services; the company also has a strong focus on the Banking, Financial Services, and Insurance sector.Yash Birla, Chairman, 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-a-vis the directions that the Group has set for itself`, he added.
After the acquisition, shares of Melstar Information Technologies gained Rs 0.54, or 4.97 percent, to settle at Rs 11.41. The total volume of shares traded was 19,701 at the BSE.

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