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The networking organization Gemini Communication Ltd (GCL) has acquired a
majority stake in Veeras Infotek, a Chennai-based privately held company, for Rs
7 crore. The acquisition will extend GCL's network security and business
continuity capabilities and will also increase the company's client base “The
addition of Veeras Infotek will advance GCL's vision of becoming a major player
in network security space,” said Ram Kumar, Executive Director, GCL.
“GCL's global reach, scale, widely recognized brand and customer
relationships make it the ideal partner for Veeras Infotek. Our combined teams
will create exciting growth opportunities for the company and our customers. We
look forward to the association with the GCL team,” said Sudarsan Ranganathan,
CEO, Veeras Infotek.
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Ram Kumar, Executive
Director, GCL |
GCL also said that with the current order book position of over Rs 200 crore
and Veeras' acquisition, the company's profits are likely to grow by over 50
percent in FY 2009 over FY 2008. The company is likely to achieve earnings of Rs
24-27 per share for the current year, as a result of its multiple core
businesses and the acquisition. Page(s) 1
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