Kaashyap Technologies to acquire Logistics Solutions, Inc for US$8 million

The Board of Directors of Kaashyap Technologies Ltd at its meeting held on June 10, 2007 has received recommendation from the committee appointed for acquisition of M/s. Logistics Solutions, Inc (LSI). As per the committee recommendations, the consideration for acquiring the LSI Division is US $ 8 million and further that the consideration will be paid by way of cash equivalent to US $ 4 million and the remaining will be paid in the form of cash / kind / royalties over a period of 12 months after monitoring the performance of the Company.

The Board deliberated the matter and approved unanimously to go ahead with the acquisition since this acquisition gives ready launch for the Company in the international market.

The Board also further considered and firmly decided to complete the process of opening up a Branch office in US and other related formalities.

Source : Equity Bulls

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