Sreeven Infocom planning IPO next year

By : |April 17, 2008 0

HYDERABAD, INDIA: Sreeven Infocom is planning to launch an IPO next year. The company, as part of its expansion plan, is scaling up its team and trying to woo investors.

Based in Hyderabad, Sreeven focuses on e-governance and has a capital order of Rs 60 crore. It has achieved a top line of Rs 10 crore in the fiscal 2007-08.

Chennai based Dhanus Technologies, a BSE listed Rs 180 crore telecommunications company, on Wednesday picked up a 60 per cent stake in the company, in an all cash deal amounting to Rs 7.5 crore.

“This is not a sale of stock but additional capital investment to the company and will be strategic investment to our growth plan,” said K.S Raju, managing director, Sreeven Infocom.

While Sreeven will retain its identity and current board of directors, there will be few new board members added from Dhanus.

Sreeven has e-governence projects in Andhra Pradesh, Punjab, and Delhi.

“There are minimum requirements of company size to service some government sectors, now we have that on our side. Together we will bid and work as consortium,” added Raju.

To carry out future projects, the current team of over 600 engineers will be increased by another 400 by the end of this year.

“Technologies used in India are competitive and we plan to leverage these strengths for our expansion,” said Raju.

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