Onward Technologies has entered into a share purchase agreement with NV Pune Technology Park and has acquired 100 per cent of the equity and preference shares of the company.
Accordingly, NV Pune has become the wholly owned subsidiary of Onward Technologies with effect from December 1, 2021, Onward Technologies said in a regulatory filing.
NV Pune is engaged in the business of real estate activities including development of real estate like office premises,techno township, technology parks, software parks, electronic and hardware technology parks,cyber city and info city etc.
Onward Technologies has purchased 253,750 equity shares and 27,000 preference shares of NV Pune at the consideration of ₹17,81,99,350.
The entire consideration has been paid in (bank) through internet banking system, it said.
Dedicated delivery centre
Onward Technologies is aiming to build dedicated delivery centre for offshore business catering to Europe and US Clients.
The acquisition of NV Pune will lead to centralisation and synchronisation of delivery capabilities at one place and dedicated hub for transportation and mobility segment.
The acquisition of shares of NV Pune will enable the company to buy the office premises located in Pune, it further said.