Sundram Fasteners’ arm acquires 90% stake in BTS

Sundram Fasteners’ subsidiary TVS Infotech (TVSI) has acquired 90% of the equity share capital of Blisslogix Technology Solutions (BTS), consequent to the share purchase agreement entered on April 11, 2016. The transaction was completed on April 11, 2016.

TVSI has purchased 90% equity stake in BTS for a cash consideration of Rs 3.95 crore, out of which Rs 3.10 crore has been paid now. BTS shall thus become a subsidiary of TVSI effective April 11, 2016.

BTS (a private limited company) is engaged in information technology business providing services such as custom mobile application development, IT security, data security, enterprise App Store & publishing, App analytics, time bound application development. The revenue of BTS during last three years was Rs 1.53 crore (FY 2012-2013), Rs 2.41 crore (FY 2013-2014) and Rs 3.56 crore (FY 2014-2015).