Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Mohan Marette who wrote (9179)	10/29/1999 10:09:00 PM
From: Mohan Marette	Respond to of 12475

Closely held Microland Group set to hive off 2 units-Microland & Planetasia.com to go public next yr. microland.net BANGALORE, Oct. 29 (BL) THE Bangalore-based Microland group, which recently repositioned itself as an e-services company, plans to hive off two of its divisions - Micromedia, an Internet media entity, and ITspace.com, an exclusive IT portal - into two separate companies. Venture capital infusion into both these companies is expected this fiscal. Microland itself is expecting fresh venture capital infusion to the extent of $6 millions this quarter. Addressing presspersons after the inauguration of Microland's first software technology park, the Chairman, Microland Group, Mr. Pradeep Kar, said that in the next six months the group will have four companies - Microland Ltd, Planetasia.com, Micromedia and IT space.com. Microland, which decided to exit its hardware business a few months ago, plans to focus on software development services. The focus will be on e-commerce, Web-enabling legacy applications and embedded systems for network devices and Internet appliances. "Microland will play the role of an incubator to assist the creation of world-class software through rapid software development life cycles that have been developed in-house," said Mr. Jawahar Beekay, Director and President - International Business. The first phase of the STP that opened on Friday is equipped with state-of-the-art infrastructure. The facility when fully completed will have the capacity to house 200 Internet specialists. Microland and Planetasia.com, the Internet solutions company, are expected to go public next year.