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Home / India News / 2007 / May / May 7, 2007
Moldtek Acquires M/s. Cross Roads Detailing Inc., USA

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Moldtek Acquires M/s. Cross Roads Detailing Inc., USA

Hyderabad, 7 May, 2007: Hyderabad based Moldtek Technologies Ltd., today announced the acquisition of an American KPO Engineering & Detailing Company M/s. Cross Roads detailing Inc., located in Indiana, USA promoted by an American_ "Professional Engineer" for a total consideration of US$1.3million and having revenue of US$1.30million in the previous year, according to the agreement signed CRD will become a whole owned subsidiary of Moldtek.

Moldtek's Engineering KPO division has been growing rapidly in the last few years currently it has more than 200 Designing and Detailing Engineer providing various structural Engineering Services to their US and Canadian clients. Moldtek is the only listed company active in Structural Engineering KPO services in India

M/s. Cross Roads is having 12 American engineers out of which three are US certified Professional Engineers. M/s. Cross Roads was incorporated in the year 1999 and is providing structural engineering and detailing services to about 20 fabricators and builders in USA.

With the acquisition of American based structural engineering KPO Company, Moldtek can now grow rapidly, as the USA subsidiary will handle marketing, client interaction & final checking apart from training a strong force of detailers in India. With the addition of CRD, Moldtek's KPO division expects to continue to grow in a near future at around 200% per annum that it achieved during the last year. Moldtek achieved a turn over of Rs.11.50 crores for the years 2006-07 in its KPO division.

CRD is primarily providing services to the huge industrial and commercial multi storied buildings, stadiums, schools etc. Moldtek has been predominantly providing designing and detailing services to pre engineered metal buildings, residential and misc steel works. Through the synergy with CRD, Moldtek can expand its range of services and enter into high value added lines of structural engineering services through which Moldtek can earn better revenues.

Moldtek proposes to accelerate a scheme for demerger to separate both its KPO & Plastic Packaging divisions into two separate listed entities. According to Mr. Laxman J Rao, CMD, "The de-merger will unleash the value for its KPO Division as it is one of the very few KPO's in India that provides Structural Engineering Services to US and Canadian clients"

Moldtek is planning to double its head count during the current financial year to meet the growing demand for its services. Moldtek is constructing a Campus to accommodate 500 Engineers in Jubilee Hills, Hyderabad, with a total outlay of around Rs.15.00 crores, which Moldtek expects to complete by Dec 2007.

About Moldtek Technologies Ltd:

Moldtek is a US $20 Million Company which was established in 1986. It is a leader in Packaging and Engineering KPO Services from Hyderabad. Moldtek is listed in India's premier "Bombay" Stock Exchange (BSE 526263). Moldtek in its KPO Division provides complex Engineering services like Structural Designing and Detailing for its clients in USA and Canada. It has performed exceedingly well in the last three years. The net profits grew rapidly from Rs.0.81 Crores in '04-05 to Rs. 3.5 Crores in '05-06 and in nine months of current year to Rs. 6.52 Crores. The KPO business is charting new highs for Moldtek. The KPO division which began the current year with 70 employees now employs 180 Engineers. This is expected to go up to 300 by the Middle of the year 07-08.

For further information, please contact:

Mr. Laxman
Managing Director
Moldtek Technologies Ltd Hyd
Phone: 040 23412826/ 098480-45694
Website: www.moldtekindia.com

Karthik Chellappa
Hanmer&Partners
Phone: 66327625
Email: karthikkchellapa@hanmerpr.com

Source: Hanmer & Partners

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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Moldtek Acquires M/s. Cross Roads Detailing Inc., USA
Hanmer & Partners

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