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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Labrador who wrote (475)4/14/2000 8:31:00 AM
From: voop  Respond to of 494

Citrix buying Indian Internet

U.S.-based Citrix Systems Inc, a software and services company that caters to large computer networks, said on Thursday that it planned to acquire Indian Internet solution and services firm PowerTel BOCA Ltd subject to approval from Indian authorities.

"The acquisition will enable Citrix, a global leader in application server software and services, to accelerate its expansion in the Asia-Pacific region," Citrix said in a statement.

The statement did not give financial details. A spokeswoman for Citrix said Bangalore-based PowerTel BOCA will become a wholly-owned Citrix subsidiary.

A senior Citrix official told a news conference in the southern city of Bangalore that India's federal Foreign Investment Promotion Board (FIPB) had on Thursday given its approval to the acquisition and further approvals were required from the central Reserve Bank of India.

Nabeel Youakim, the Asia Pacific region managing director for Citrix, said after the acquisition PowerTel BOCA would be known as Citrix Software Ltd and would be headquartered in Bangalore.

He added that Citrix would make significant investments in India following the acquisition. "We will make serious investments in India coming in from now...but we would not like to disclose the amount."

Youakim said Citrix would invest in people, infrastructure and in setting up new facilities in the Indian cities of Bombay, Hyderabad and Madras.

A statement from Citrix said the acquisition will enable it to accelerate its expansion in the Asia-Pacific region.

"The acquisition will provide Citrix with a network of established offices throughout India...and access to more than 500 local resellers to complement its existing distribution and channel partner relationships," the statement said.

Youakim said Dinesh Puri, managing director of PowerTel BOCA, would be the managing director of Citrix Software after the acquisition was approved.

Puri said PowerTel BOCA had 43 employees in India and had posted a turnover of about 140 million rupees ($3.2 million) for the year ended March 31, 2000.

He said venture capital firm Draper International and India's ICICI Ventures, a unit of Indian financial services firm ICICI Ltd , together owned 42 percent of PowerTel BOCA before the acquisition.

He said PowerTel BOCA had started as a modem manufacturer four years ago before moving towards Internet solutions and services.