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Our Bureau

Mumbai , April 23

A SMALL infotech company called IT Microsystems appears to be turning itself into a part-hospitality company.

After its acquisition of a North Carolina-based hotel property sometime ago for $3 million, through its wholly owned subsidiary IT Hospitality Inc, the company is now considering the merger of an Indian hotel chain with itself.

The company would have a court-convened meeting on May 11 for shareholders' approval for the merger of Sai Motels & Resorts Ltd into itself, said IT Microsystems in its notice to the stock exchanges.

"The Sai Motels chain has resorts in Shirdi, Goa and Malvan," said Mr Kiranchandra Shah, Company Secretary. "We are moving into the hospitality industry in a big way."

The company was not currently looking at expansion of its IT business on such a scale, added Mr Shah.

According to the corporate Web site of IT Microsystems, the group has a presence in New Zealand, China, West Asia and the US.

IT Microsystems had recorded a turnover of Rs 11.16 crore for the financial year 2003; with its net assets amounting to Rs 6.71 crore.

More Stories on : Mergers & Acquisitions | Software | Resorts & Amusement Parks

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