Omnitech InfoSolutions to setup Sanwell Company Ltd - JV in Japan

With reference to the earlier announcement dated September 14, 2007 regarding the Company has decided to incorporate a Joint Venture Company in Japan to provide Technology Services like Software Development Services, Consulting Services and Outsourcing Services and the Company will be announcing its decision in the press conference to be held on September 17, 2007, Omnitech InfoSolutions Ltd (OIL) has announced that the Company has entered into a Joint Venture with SANWELL COMPANY LTD (SWL), a body corporate incorporated under the Laws of Japan to form a Company in Japan vide Joint Venture Agreement dated September 17, 2007.

The Company has entered into this Joint Venture through OMNITECH TSB COMPANY LTD (OTSB), a Body Corporate incorporated under the Laws of Japan in which the Company holds 67% Stake.

The name of the proposed Joint Venture Company will be ARHAM TECHNOLOGIES COMPANY LTD (ATCL).

ATCL will have a total investment of JPY 10,00,00,000.

Out of JPY 10,00,00,000, JPY 2,00,00,000 will be invested initially. OMNITECH TSB COMPANY LTD & SANWELL COMPANY LTD will make investment in the ratio of 60% and 40% respectively.

The main object of ARHAM TECHNOLOGIES COMPANY LTD shall be to carry on the Business in IT consultancy in the Technology fields of C++, Java, .Net, Oracle & all other similar technologies. In brief, ATCL will be undertaking the following Business activities.

- Computer Software Development and related consultation.

- Sales of application software and its related consultation.

- Sales and consultation business related to R & D of computer application software.

- System consulting and outsourcing services.

- All business activities related to the above points.

Source : Equity Bulls

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