Max India enters IT arena

By Our Special Correspondent

NEW DELHI, APRIL 13. Max India today announced its entry into the IT arena by buying equity in two U.S. based software companies. It plans to use these strategic investments for entering the U.S. healthcare IT market and the B2B e-com market. The potential of the American healthcare sector has been estimated at $350 billions while the B2B e-com market has been assessed at $145 billions.

The company would invest $7 millions for a 22 per cent stake in Altacast, an advanced information solutions company, and $4 millions for a 15 per cent stake in MindCrossing, an infrastructure and content provider, said the company managing director, Mr. Vivek Jaitley, at a news conference here today.

The company will invest an additional $3 millions to set up Max MindCrossing India Ltd. which will be a 51:49 joint venture between Max and MindCrossing to develop software solutions and web enabled services. Max MindCRossing and MindCrossing Inc will set up a software centre in Delhi to develop software solutions and web enables services.

``Max's strength is its ability to forge and run successful joint ventures that have led to profitable businesses. Therefore, our strategy in the IT sector is going to be through partnering, developing and supporting IT corporations that provide path breaking software solutions which will grow and expend the market. Both Altacast and MindCrossing have the potential to be growth engines in their respective fields,'' observed Mr. Jaitley.

Altacast's 100 per cent subsidiary HealthCast is an advanced healthcare solutions company specialising in improving access to critical patient care. It has implemented its solutions in two U.S. hospital chains and its current portfolio can address about 1,200 U.S. hospitals. MindCrossing is an infrastructure and content provider that enables B2B e-commerce decisions.

PTI reports:

Second interim declared

Max India today announced a second interim dividend of 50 per cent on an annualised basis - Rs. 3.75 per share - for the nine- month period ended March 31, 2000.

This would entail a total dividebd outlflow of Rs. 4.75 crores, exclusive of tax, Mr. Jetley said.

``This interim dividend is in addition to the special interim dividend of 250 per cent that has already been paid to the shareholders of the company in January after Max Corporation was amalgamated with Max India," he added.

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