Recommended: Click here to improve PC speed »
The JV extends the reach of M.Tech group westwards into India and once theJV is fully operational, M.Tech will have a network of 15 offices in 9 countriesacross Asia.
Ahmedabad, 28th May, 2007 Â Ahmedabad based Mr Rajendra Shah of Virtual Netcomm PvtLtd today announced that it has entered into a joint venture (Â JVÂ ) agreement withSecureOneAsia Pte Ltd. (Â SOAÂ ). SecureOneAsia Pte Ltd is the sister company ofM.Tech Products Pte Ltd, the flagship company of M.Tech Group based in Singapore.
Under the terms of the JV agreement, a new company, to be known as M.Tech-VirtualIndia Pvt Ltd ("MTIN"), will be incorporated with SOA and Rajendra Shah owning 51%and 49% respectively. MTIN will be principally engaged in the distribution of ITproducts, primarily the best-of-breed IT security products. Mr Stanley Foo, Chairmanand CEO of Multi-Chem, will be the Chairman of MTIN and Rajendra Shah will be theManaging Director. SOA, through the M.Tech companies, will be responsible for vendorrelations, stock and credit management whereas VNPL will be responsible for thesales and operations of MTIN. VNPL will allow MTIN to share its back officeresources and offices in India. MTIN will also follow the corporate policies of theM.Tech companies in products, internal controls and credit control. To avoid anyconflict of interest, VNPL has undertaken that first right of refusal of anyproducts VNPL wishes to take up has to be given to MTIN.
Stanley Foo, Chairman of MTIN, is excited about the new venture and said: Â M.Techwants to be a regional leader in IT security and storage distribution and thereforeIndia is a market which we have to be in. Our partnership with the team from VNPLenhances our position in India as our partner also has a solid reseller base andyears of experience of doing business in India.Â
Rajendra Shah, Managing Director of MTIN, said: Â We are confident that MTIN, withthe strengths of both partners, will grow into a leading IT player in India.M.TechÂ's regional knowledge, vendor relations and financial strengths are importantfactors we look for in a partner and now that we have found the right one, we cannotwait to start the business and move it forward.Â
About M.Tech Group - The M.Tech companies and SOA are part of the Singapore Exchange-listed Multi-ChemGroup. The M.Tech group is a leading regional distributor of IT security and networkstorage products with a presence in 11 cities in 8 countries regionally. Its productportfolio includes market leading products such as Nokia, Check Point, TippingPoint, RSA Security, Allot, Riverbed and Sophos.
About Rajendra Shah - Virtual Netcomm Pvt LtdRS is the sole shareholder, CEO and Director of Virtual Netcomm Pvt Ltd ("VNPL").VNPL is the sole distributor of Blue Coat (www.bluecoat.com) products in India andis headquartered in Ahmedabad with offices in Bangalore, Delhi and Mumbai andSingapore. For more information please visit  www.vnpl.com
