Kaashyap buys US co's consultancy div

CHENNAI: Kaashyap Techologies Ltd on Wednesday said it has acquired the consultancy division of Logistics Solutions Inc (LSI) based in New Jersey, US and is planning two more acquisitions in RFID and credit card identification space.

Addressing a press meet here, A Venkataramani, Chairman said the takeover was for a consideration of USD 8.50 million.

He said the company had paid USD two million for the acquisition and the balance will be paid later in cash. It had also recently raised USD 8.5 million through a GDR issue.

The company restructured last October and has chalked out a growth strategy, he said.