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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (5250)	7/23/1999 2:15:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Mahindra & Mahindra plans ADR for IT holding firm mahindraworld.com mahindraworld.com mahindraworld.com (Saturday, July 24, 1999) Rajarshi Roy in Mumbai The Rs 5000 crore Mahindra & Mahindra group is planning to take its newly formed Mahindra Information Technology Services (MITS), public next year. The group is planning to seek an US listing for MITS which is the holding company for all its software business. The group had earlier been toying with the idea of getting its software joint venture with British Telecom, namely Mahindra British Telecom listed, however these plans were abandoned as such a listing would involve a dilution of stake by the partners, which was not acceptable to either of the partners. The decision to take MITS public was also prompted by the fact that MITS being a holding company for a whole set of sofware ventures would fetch better valuation. The group's president, for the telecom and software sector Ulhas N Yargop however said that the Mahindra group was yet to take a decision on any possible public offer for either MITS or any of the other group software companies. "We are planning an Employee Stock Option Plan, for MITS employees later this year, " Yargop however said. The group has also recently acquired 80 per cent stake in a Hyderabad based TVS group software firm Logisoft, Yargop said. This company will be developing and providing software solutions for auto dealers, Yargop said. Besides LogiSoft newly formed MITS is the holding company for the group's 60:40 joint venture with British Telecom, Mahindra-British Telecom, Mahindra Network Services, Mahindra Applied Systems Technology, besides Mahindra Institute of Software Engineering and Management (misem). "We have recently bought out the 40 per cent stake of Singapore Network Services in Mahindra Network Services,'' Yargop added. ''Mahindra Network provides electronic interchange services and computer software value added services besides helping to establish and operate commnication and information services,'' Yargop added. While Mahindra Applied Systems, equiped with the knowledge of having installed SAP in M&M will be providing SAP to other clients. MISEM, a division of MITS has been recently set up in association with Carnegie Mellon University, USA to impart soft ware education for the industry. "We will initially set up campuses in Pune and Mumbai,'' Yargop said, Misem's plans also include expanding to other locations in the country, and abroad. (BizStandard)