SSI buys US company for Rs 291 crore

SSI buys US company for Rs 291 crore

MUMBAI, SEPT 18: In what could be the largest takeover of an overseas infotech company by an Indian firm, SSI Ltd has acquired AlbionOrion Company from a US-based non-resident Indian for a consideration of $63.65 mn (Rs 291 crore). AlbionOrion has a strong vertical domain expertise in telecommunications, health and human services and insurance. The deal will be struck through a combination of cash and stock.

SSI has a turnover of Rs 214 crore and a net profit of Rs 56.93 crore in year ended June 30, 2000 against Rs 18.07 crore in the previous year. Earlier this year, the company listed on the London Stock Exchange and announced plans to eventually list on Nasdaq. The company is a leading end-to-end IT solutions provider with a market capitalisation of around Rs 3,240 crore.