Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / HSBC Principal buys minority stake in Avitel Post for $60-mn
BackBack

HSBC Principal buys minority stake in Avitel Post for $60-mn

HSBC Principal buys minority stake in Avitel Post for $60-mn

Premium

Mumbai: Private Equity firm HSBC Principal Investments on Monday said it has bought a minority stake in media and entertainment technology company Avitel Post Studioz for $60 million.

“Our investment in Avitel is reflective of the Group’s (HSBC Group’s) focus on India, given the country’s strategic importance globally and to HSBC," HSBC Principal Investments managing director and head (Asia Pacific) Heath Zarin was quoted saying in a statement.

“In additional to our financial investment, we are leveraging the HSBC Group’s global reach to support Avitel’s ambitions to take its services to a more international clientele," he added.

Avitel will use the proceeds from HSBC Principal Investments to finance its international growth and expansion plans, the statement said.

HSBC Principal Investments had earlier invested in Hong Kong-based CS Logistics Holdings and the proceeds from that investment were used to partially finance an outbound acquisition of a leading UK-based freight forwarding company, it added.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 20 Jun 2011, 06:19 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie