Web spiders picks 51% stake in netwings info

Kolkata
Business Standard
Web Spiders (India) Pvt Ltd, a Kolkata-based software consulting firm, has acquired 51 percent stake in Netwings Infotech Pvt Ltd (NIPL), which is engaged in delivering fibre optic networking and GIS solutions.

The development marks the company’s entry into systems integration, which was earlier only into manufacturing and software development. Another company, Supreme & Co Pvt Ltd, manufacturer of fibre optic, telecom and power equipment, has a 50 percent shareholding in Web Spiders.

Siddharth Jhunjhunwala, CEO, Web Spiders, explained, “With this acquisition, we have created a synergistic end-to-end platform from manufacturing to software and systems integration for our customers”. He, however, declined to give the value of the 51 percent stake. Jhunjhunwala added that the Rs250 crore Group is now bullish on the engineering, procurement and construction (EPC) contracts in the power sector, together with e-Governance and large activity projects in Geographic Information System (GIS) and weather services and fibre optic backbone for industrial automation.

Netwings, for example, has already worked with Reliance Big FM's Mumbai station for weather updates and forecasts, D Mallick, CEO of the company informed. The group targets to grow by 45-50 percent in terms of revenue this fiscal. The Group is also looking at overseas acquisitions in areas of web-based software development and has set aside around $ 5 million for the same.