Our Bureau

Hyderabad , Nov 2

RELIANCE Capital Asset Management Ltd has acquired 7.5 per cent equity stake in the Hyderabad-based Mold-Tek Technologies Ltd, reflecting purchase of 6.63 lakh shares at Rs 45.02 a share in the open market.

In a letter to the company, Reliance Capital has informed Mold-Tek about the stake acquisition.

Reacting to this development, the Managing Director of the Mold-Tek group, Mr J. Lakshmana Rao, told Business Line that the company has embarked on expansion and this was an ideal investment from one of the leading companies in the country. This reflects the potential that the company holds.

The group is principally engaged in plastic packaging industry and services the lubricant and packaging; it recently forayed into packaging for pharmaceuticals. The company's Daman plant became operational earlier this year, Mr Rao said.

The company is also in the process of expanding its BPO centre and is considering the option of setting up a campus. The details of investments would be worked out this quarter, he said.

During the quarter, the company added two more clients to its structural engineering knowledge process outsourcing division. To meet the new client needs, the engineering BPO is being expanded from 60 to 100.

Recently, Mold-Tek started a legal data support services arm for US law firms by establishing a 90-member BPO team, which includes a small team addressing healthcare.

With this, it has firmed up plans to raise headcount at its BPO team to 200 from 60 currently.

The company's stock was last traded at Rs 46.25 on the BSE.

© Copyright 2000 - 2009 The Hindu Business Line