MUMBAI, FEB 18: Hinduja Finance board today approved the merger of Ashok Leyland Information Technology Ltd (ALIT) with Hinduja Finance (HF). On the basis of valuations carried out by AF Ferguson and Company and Shah and Company, the ratio of shares has been fixed at one share of Hinduja Finance (HF) for twenty shares of ALIT. The equity of HF will increase nominally by about Rs 1 crore to Rs 23.99 crore. The company is almost debt free and has no NPAs.Ashok P Hinduja, chairman of Hinduja Finance, articulated his vision for the company to focus on 'TMT' (an acronym coined by him for technology, media and telecom). The move is to position the company's focus to be the leader of a sector comprising of IT, internet access and content, e-commerce, infotainment media and telecom. The technological convergence in these areas has led to a global paradigm shift to the new e-economy.Hinduja stated that the company should take full advantage of the unique synergies that exist within the group to catapult itself to the top of the emerging e-economy and the knowledge based business sector in India to further enhance shareholder value. The merger with ALIT is the starting point for HF to optimise its participation into the convergence opportunities. HF will look at further acquisitions in these sectors for rapid growth.
