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Tata Power to sell Nelito Systems stake to DTS Corp

LiveMint logoLiveMint 25-03-2017 PTI

New Delhi: Tata Power on Friday said its subsidiaries, NELCO and Af-Taab, today entered into an agreement to sell their stakes in Nelito to DTS Corporation, Japan.

“NELCO and Af-Taab have today, along with other shareholders of Nelito, entered into an agreement for sale of shares of Nelito to DTS Corporation, Japan,” Tata Power said in a BSE filing on Friday.

According to the statement: NELCO, a subsidiary of the company and Af-Taab Investment Company Ltd (Af-Taab), a wholly owned subsidiary of the firm, both together hold 49.89% in Nelito Systems (Nelito).

The company said that NELCO has offered 9.95% holding in Nelito out of its 22.25% stake, whereas Af-Taab has offered 12.30% equity out of its total stake 27.64% in Nelito.

As per information provided on the Nelito Systems’ official website, the company is engaged in the business of providing software solutions and services for Banking and Financial Services.

Formed in the year 1995, Nelito has served more than 200 customers in 15 countries across 4 continents and earned a unique reputation for its personalized solutions and cost effective implementation with its esteemed customers, industry peers and independent research firms, the portal says.

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