Cranes to set up 100% subsidiary in S’pore

MUMBAI: Cranes Software International Ltd (CSIL) has announced that it will incorporate a 100 percent subsidiary at Singapore to cater to the top ASEAN countries. The company will also invest up to Rs one crore in Escube Communication Solutions Pvt Ltd by subscribing to 1,622 equity shares of Rs 10 each at a premium of Rs 6155.23 per share.

The company has also announced its entry into marketing and distribution agreement with US based SPSS for worldwide marketing rights for SPL range of products. This was approved at a board meeting of the company.

To strengthen its presence outside India, the company had earlier tied-up with Central Manufacturing Technology Institute (CMTI), a central government unit and signed a Memorandum of Understanding in July this year. This would enable the companies to share their marketing and technical expertise needed to enhance the market reach and offer comprehensive solutions to manufacturing industries in India and abroad.

Cranes recorded 38 percent increase in consolidated operating revenues for the quarter ended September 30, 2003 to Rs 19.4 crore as compared to Rs 14.1 crore in the corresponding quarter last year. Net profit after tax increased by 45 percent to Rs. 5.32 crore from Rs 3.6 crore in the corresponding period last year.

(CNS)