| Mumbai High Court approves ALIT
Hinduja Finance merger
Mumbai, Friday June 19, 2000
Mumbai : June 29, 2000
The merger of Ashok Leyland Information Technology Limited (ALIT)
with Hinduja Finance Corporation Ltd. has been approved by the
Hon'ble High Court of Mumbai on 28th June, 2000.
The approval of the Chennai High Court is also expected by
the 21st of July, 2000. The merger of ALIT, the software technology
company with Hinduja Finance, would be effective from 1st
July 1999, on completion of their entire process. The results
of Hinduja Finance for the quarter ending June 2000 would
hence reflect the performance of ALIT.
ALIT has recently bagged the IT services contract from a
US based Fortune 50 company. The contract has a potential
of generating revenues of up to US $ 100 million in the next
Post merger ALIT would become the technology division of
Hinduja Finance but would retain its identity and continue
to serve its customers under the ALIT brand. A company spokesperson
said that ALIT enjoyed a strong brand equity and the same
would be nurtured further.
"With the new contract in hand and the growth in the
existing businesses of ALIT we expect the contribution of
Information Technology business to exceed the profits from
the finance division and Hinduja Finance would thus morph
into a technology company during 2000-01" the company
Hinduja Finance has already appointed Andersen Consulting
to validate its convergence strategy and arrive at the potential
value of the company.
For further information please contact :
Ms Nina Mamnani VP Corporate Communications.- Hinduja Group(India)
Mr. Rajesh Chaturvedi Adfactors PR on 2020607/ 2020821