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News Business India Business News Nelito aims to more than double revenue to Rs 200 cr by 2020

Nelito aims to more than double

revenue to Rs 200 cr by 2020
TNN | May 9, 2017, 11.30 PM IST

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04:00 PM (IST)
MUMBAI: Nelito Systems , in which Japan's DTS Corporation owns a majority
Army releases statement on infiltration
stake, is aiming to more than double its revenues to Rs 200 crore by the end of
attempts thwarted by the soldiers in
this decade, betting on the country's digital push. Besides, the company, which J&K
provides software solutions to co-operative banks, is looking to offer its IT
03:42 PM (IST)
services outside the country too.
Bihar chief minister Nitish Kumar meets
PM Narendra Modi in Delhi
Punit Jain, CEO of Nelito Systems, said that the Indian government's push for
technology products to develop the banking system in the rural areas will
augment the company's revenues. In fiscal 2016, Nelito reported an operating
profit of Rs 6 crore on revenues of Rs 88 crore. Jain added that the company will Follow / Like us at
leverage on DTS Corporation's network to cater to the US and South East Asian @timesofindia
markets. He projected that these markets will contribute 20% to overall revenues
by 2020.

DTS holds 44.5% stake in Nelito, which started as an IT division of Nelco, a Tata
Group company, and became a separate entity in 1995. The Japanese
company had acquired the stake from Nelco, Af-Taab Investment (arms of Tata
Power) and Sunnynook (a unit of private equity capital firm Intrepid) last month.
Tata Power Group reduced its interests in Nelito as it was a small and non-
core business for the electricity generator which is currently struggling with its
loss-making Mundra plant.

Nelco and Af-Taab Investment now holds 9.95% and 12.30% in Nelito while
Sunnynook, co-owned by Cyrus Vandrevala, son of former Tata Power MD Most Popular
Firdose Vandrevala, owns 22.25%. Kapil Mishra 'shares evidence'
against Arvind Kejriwal in Rs 400
crore scam
Sunnynook had bought Nelito's shares from Itochu, a Japanese company, in the
early 2000s. Cyrus' younger brother Jerxis Vandrevala and Kersi Gherda,
former Tata Power MD, represent Sunnynook on the board of Nelito while P J
Indian woman says was forced to
Nath and Sanjay Dube represent Nelco and Af-Taab respectively. DTS has three marry Pak man at gunpoint
members on the board of Nelito.
Stay updated on the go with Times of India News App. Click here to 'I saw Satyendar Jain give Rs 2
crore in cash to Kejriwal,' alleges
download it for your device. sacked AAP minister Kapil Mishra

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1 Nelito aims to
more than
double revenue
to Rs 200 cr by