<SPAN class="ld">RPG to buy Fujitsu stake in Zensar</SPAN> | business | Hindustan Times RPG to buy Fujitsu stake in Zensar" /> RPG to buy Fujitsu stake in Zensar" /> RPG to buy Fujitsu stake in Zensar" />
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RPG to buy Fujitsu stake in Zensar

After acquiring Japanese IT major Fujitsu's stake in Zensar Technologies, Goenkas are planning to buy out the financial partner from the company, reports Venkatesh Ganesh.

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RPG Group is still looking at increasing its stake in Zensar. After acquiring Japanese IT major Fujitsu's stake in Zensar Technologies, Goenkas are planning to buy out the financial partner from the company.

The group is in talks with the financial investor, Electro Partners for acquiring their 21 per cent stake in Zensar, according to investment banking sources.

"RPG group is planning to increase the promoters stake. They have already bought the strategic partner and are now in talks with the financial partner," a source familiar with the development said.

When contacted, Pradipto Mohapatra, board director, Zensar said, "Electra Partner is an independent financial investor, unrelated to Fujitsu. They have been a very supportive investor in the company and we would welcome them to stay invested."

RPG Group on Friday bought the entire Fujitsu stake of 29.17 per cent, which at Thursday's market close, valued at Rs 164.64 crore.

With this acquisition, RPG Group will have over 58 per cent stake, having full management control in Zensar Technologies.

RPG Group chairman Harsh Goenka had earlier said that the group intends to increase the promoters' stake in Zensar. When asked specifically about Electra Partners' stake, Goenka said, "I have no information whether the Electra Partners will sell the stake. But if they are willing, we are interested in buying it."

At Thursday's close, Electra Partners' stake valued at Rs 118.53 crore. Electra Private Equity is a firm that invests in companies and has invested £600 million in 50 companies.

Apart from Zensar, Electra's India investments include a stake in Delhi-based CD manufacturer Moser Baer that is valued at 11.1 million pounds.

RPG Group is one of India's largest business conglomerates, with a turnover of $ 1.65 billion and assets worth $ 1.8 billion. It has more than 20 companies operating in 7 business sectors: Retail, IT and Communications, Entertainment, Power, Transmission, Tyres and Life Sciences. Zensar recently acquired ThoughtDigital, a US company of $24.9 million, making it one of the leading players in Oracle's software solutions implementers.