Nelito aims to more than double revenue to Rs 200 cr by 2020

1. Indiatimes| The Times of India |The Economic Times Sign In BUSINESS Business India Business International Business Photos Videos PSUs Sectors Tax Calculator News » Business » India Business News » Nelito aims to more than double revenue to Rs 200 cr by 2020 Nelito aims to more than double revenue to Rs 200 cr by 2020 TNN | May 9, 2017, 11.30 PM IST FACEBOOK TWITTER GOOGLE + LINKEDIN COMMENTS Ad Apprenez l'Anglais Facile Apprenez l'Anglais Efficacement avec ABA English. Inscrivez-Vous Gratuitement! ABA English READ MORE LATEST NEWS 04:00 PM (IST) Nelito Systems MUMBAI: , in which Japan's DTS Corporation owns a majority Army releases statement on infiltration stake, is aiming to more than double its revenues to Rs 200 crore by the end of attempts thwarted by the soldiers in this decade, betting on the country's digital push. Besides, the company, which J&K provides software solutions to co-operative banks, is looking to offer its IT 03:42 PM (IST) services outside the country too. Bihar chief minister Nitish Kumar meets PM Narendra Modi in Delhi Nelito Punit Jain, CEO of Systems, said that the Indian government's push for technology products to develop the banking system in the rural areas will augment the company's revenues. In fiscal 2016, Nelito reported an operating Follow / Like us at @timesofindia profit of Rs 6 crore on revenues of Rs 88 crore. Jain added that the company will leverage on DTS Corporation's network to cater to the US and South East Asian markets. He projected that these markets will contribute 20% to overall revenues by 2020. Tata DTS holds 44.5% stake in Nelito, which started as an IT division of Nelco, a Group company, and became a separate entity in 1995. The Japanese company had acquired the stake from Nelco, Af-Taab Investment (arms of Tata Power) and Sunnynook (a unit of private equity capital firm Intrepid) last month. Power Group Tata reduced its interests in Nelito as it was a small and non- core business for the electricity generator which is currently struggling with its loss-making Mundra plant. Nelco and Af-Taab Investment now holds 9.95% and 12.30% in Nelito while Most Popular Sunnynook, co-owned by Cyrus Vandrevala, son of former Tata Power MD Firdose Vandrevala, owns 22.25%. Kapil Mishra 'shares evidence' against Arvind Kejriwal in Rs 400 crore scam Sunnynook had bought Nelito's shares from Itochu, a Japanese company, in the Jerxis Vandrevala early 2000s. Cyrus' younger brother and Kersi Gherda, former Tata Power MD, represent Sunnynook on the board of Nelito while P J Indian woman says was forced to Nath and Sanjay Dube represent Nelco and Af-Taab respectively. DTS has three marry Pak man at gunpoint members on the board of Nelito.

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