ALIT merges with Hinduja Finance

ALIT merges with Hinduja Finance

MUMBAI, JANUARY 19: Hinduja Finance has decided to make a foray into the information technology and related sectors by merging Ashok Leyland Information Technology (ALIT) with itself and acquiring a majority stake in internet service company, In2cable.com India (P) Ltd.

The board, which met here today, decided to invest in the telecom, IT and media sectors capitalising on the advantages of technological convergence in these areas and availability of these resources within the group. The board approved the merger with ALIT, a business partner for ERP solutions provider, BAAN, in India. For the half year ended December 31, 1999, the company recorded a profit of Rs 12.21 crore as against a loss of Rs. 9.26 crore last year. It has also reported a total income of Rs 13.69 crore as compared to a negative income from operations of Rs 4.33 crore.