Compulearn Tech defers diversification in mineral mining business

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Hyderabad-based provider of e-governance and e-learning services, Compulearn Tech India Ltd (CTIL), has shelved its plans to foray into infrastructure business. In an effort to diversify business, the company management had earlier planned to enter mining of minerals and related businesses through its subsidiary CTIL Infrastructure Ltd. However, in a recently convened meeting, the company board decided otherwise and asked the management to focus on consolidating its existing business verticals before looking to diversify.

‘The majority of the board of director were not in favour of diversification at this stage. As a result the said plans have been deferred sine die,’ the company said in its notification filed with the Bombay Stock Exchange (BSE) today.

Expanding its current nature of business, CTIL is planning its second acquisition in the last 10-days. The company is looking to enter the Middle-East countries by acquiring a majority stake in M/s. Shouk Investment Consultancy FZC based out of Dubai.

‘The board has already approved acquisition of 51% stake in this company. The idea is to promote and develop e-governance and e-learning business in the Middle-East. Post acquisition, the Dubai-based entity will become a subsidiary’, the BSE notification said.

Just last week, the company had mulled a proposal to acquire 60% stake in M/s. Transoft Info Solutions Pvt Ltd (TISPL). The said acquisition was made at a marginal cost of Rs 2.76 crore.