Sasken Communication approves JV with Tata AutoComp, revises organization chart

Sasken Communication Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on January 24, 2007, inter alia, has approved the revised Organization Chart of the Company effective January 01, 2007. Mr. Krishna Jhaveri, Whole—time Director — President — North America Operations, has been redesignated as Advisor to Chairman and CEO of the Company, on a revised remuneration effective January 01, 2007. He will continue to be a Whole—time Director of the Company in terms of the resolution passed at the Annual General Meeting of the Company held on June 10, 2005.

The Board also approved the formation of TACO Sasken Automotive Electronics Pvt Ltd, a joint venture with Tata AutoComp Systems Ltd. The joint venture Company will focus on automotive electronics products in the areas of telematics, infotainment and occupant convenience.

The Company further informed that Tata AutoComp Systems Ltd (TACO) and the Company announced a Joint Venture partnership to form TACO Sasken Automotive Electronics Pvt Ltd.

The newly formed JV will design, develop and market automotive electronics products for the global market, addressing both OEMs and aftermarket. To start with, the JV will focus on automotive electronics products in the areas of telematics, infotainment and occupant convenience. The Company will start its operation from a state-of-the-art product development centre at Bangalore, India.

Mr. Rajiv Mody, Chairman and CEO of the Company said, "For a long time, innovation in technology was driven by the PC. But over the past few years a vast majority of innovation focus has moved to phones and lately to automobiles, creating huge opportunity in the embedded auto component world. With our cooperation we would be able to provide cutting edge embedded technology to the automotive sector."

Source : Equity Bulls

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