Crazy Infotech to foray into retail of IT products

Crazy Infotech Ltd has announced that the Board of Directors of the Company at its meeting held on March 27, 2007, has taken the following decisions:

1. Diversification Plan

The Board has been decided to diversify into sale of Telecom Products, Electronic Products on a retail basis along with existing activity of providing end to end I.T. solutions services, products and system integration.

2. Expansion Programme:

The Board has been decided to foray into Retail of I.T. products, solutions, hardware etc for the geographical expansion of its operations from the present concentration areas of Tamilnadu its cities. Mofussils to Mumbai, Pune and other areas of Maharashtra, Delhi, West Bengal, Andhra Pradesh, Karnataka, Chattithgarh, Orissa, in a first phase and all other states in a second phase.

The expansion programme envisages to establish around 100 retail centres big and small across all the tyre 1,2,3, cities, districts, mofussils of the states planned under 1st phase. Application of this concept at Rural India is a main thrust and focus of the Company. The programme also contemplates to cover area extent of around 3,00,000 sft spanning all the 100 centres. The cost of expansion programme is estimated at Rs 100 crores proposed to be met through retail partnerships. The partnerships is envisaged between 100% subsidiary of the Company and the other partners. Preliminary initiatives like survey of areas, area potential, statistics collection already on.

Further the Company has informed that, that Mr. G C Shadija Chairman and Managing Director and Mr. K N Anand, CEO of the Company Jointly and for Severally authorized to take necessary steps for formation of subsidiary of the Company, Prepare necessary documents, Reports, do such things or perform such acts, take any other initiates as are necessary in this regard.

Source : Equity Bulls

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