Digital maps company CE Infosystem, which operates under the MapmyIndia brand, on Wednesday said it will acquire 9.9 per cent stake in geospatial company Pupilmesh Private Limited for about Rs 49 lakh.
MapmyIndia expects the acquisition to support its business opportunity in the area of navigation, it said in a regulatory filing.
According to the filing, the company requires no government approval for the acquisition and expects the transaction to be completed in a month.
The board of the company had approved the acquisition on January 27.
Pupilmesh’s turnover in the financial year 2021 increased to Rs 2.37 lakh from Rs 37,454 in FY 2020, according to the filing.
Source: Business-Standard