|
| Exchange Disseminated Time | Visesh Infotecnics Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 21, 2015, discussed a proposal from Hari Bhari Group of Companies which includes M/s. Hari Bhari Recyclable Private Limited and M/s. Innovative Industrial Equipment Pvt. Ltd. for joint project development in the areas of waste management. The proposal was discussed at length by the Board Members and after several rounds of discussions have appreciated the fact that there is a huge synergy between Visesh & Hari Bhari Group as Visesh has capabilities in ERP, automation & Telematics and Visesh's existing IT infrastructure can be leveraged in a big way in Waste Telematics domain which includes Automation & Visibility of Door to door Collection of Waste using RFID & GPS enabled technologies and Waste Processing facility automation processes.
Hari Bhari Group of Companies has focus on 360 degree approach to waste management. Hari Bhari Group is founded by a team of IIT & IIM technocrats & professionals from premium Institutes of India. This group brings with it following:
a. Huge experience of handling Multiple Collection & Transportation of Waste across 40 ULBs in India, handling more than 2.2 Million Tons of waste servicing around 2 million households with Door to Door waste collection services.
b. Multiple long term (25 years +) concession agreement with Municipal Corporations of India for setting up Solid Municipal waste to Energy plants on Build, own and operate basis.
c. Contracts in pipeline for Door to Door collection of waste from various Municipal bodies using latest IT Technologies like RFID / GPS etc.
d. World class In-house developed proven patentable technologies to convert Plastic / RDF / waste water / Bio Medical / E-waste to energy & fuel.
e. A world class Centre of Excellence & Research & development team for waste to energy technologies.
After considerable discussions & deliberations, Board members unanimously approved proposal for acquiring 51% equity in M/s. Hari Bhari Recyclable Private Limited and M/s. Innovative Industrial Equipment Pvt. Ltd. After the acquisition the companies will become subsidiaries of Visesh. |
|
|