Shree Krishna floats 2 IT cos

Shree Krishna floats 2 IT cos
ENS ECONOMIC BUREAU

MUMBAI, FEB 19: The Rs 2,000 crore Shree Krishna group has now undertaken a diversification into the field of information technology. Primarily regarded as manufacturers in the knitting industry, the group has now decided to throw its hat into the infotech arena, by incorporating two new companies namely - Global Softech Ltd, promoted by Shree Krishna Polyester and Cyber Infosys and Tech Ltd, which has been floated by Shree Krishna Petro Yarn, for utilisation as their entry vehicles.

The seriousness of the group, towards this hitherto untapped line of business can be gauged from the fact that an office area of nearly 50,000 square feet has already been procured in the Raghuvanshi Mill compound. Importantly, the group has also identified three key areas for development of application software catering to the banking, insurance and hotel industries.

Another indicator of the group's commitment to this venture is reflected in the investment of Rs 100 crore in the current fiscal, which has been earmarked for its foray into IT. An initial investment of Rs 50 crore has already been made towards the intellectual seed capital for both the companies.