Sundaram Infotech to merge with Sundaram Finance, The board of directors of Sundaram Finance Ltd., has decided to merge Sundaram Infotech Solutions Ltd., the Company’s wholly owned subsidiary, with the Company and approved the draft Scheme of Amalgamation. The Scheme is subject to all necessary approvals. A decision to this effect was taken at Friday’s board meeting. Sundaram
Finance is a leading Non-Banking Finance Company. It offers a diverse portfolio of products and services. During 2015-16, Sundaram Finance posted revenue of Rs.2,475 crore against Rs.2,368 crore. Gross and Net Non Performing Assets for March 31 2016, based on the revised three month NPA classification norm stood at 2.08 per cent and 0.92 per cent respectively. The net profit stood at Rs.477 crore against Rs.454 crore in the comparable year-ago period. Chennai-based Sundaram Infotech, which was founded in 2000, is a Microsoft Gold-Certified partner operating in India, Middle-East and Australia. The company provides ERP solutions in manufacturing, retail, distribution, trading and logistics, automotive and IT solutions for retail lending in financial services sector. It reported total revenue of Rs.16.19 crore for 2015-16 against Rs.16.75 crore for the comparable year-ago period. It had a net loss of Rs.82 lakh against Rs.2.33 crore. — Special Correspondent
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