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Magna gives 26 pc stake to K.S. Raju of Nagarjuna group

Our Bureau

HYDERABAD, March 24

MAGNA Infotech Pvt. Ltd, a Hyderabad-based software development and consulting company, on Friday divested 26 per cent of its equity to Mr. K.S. Raju, Chairman of the Nagarjuna group, for an undisclosed amount.

Following this development, Mr. Raju will join the board of Magna Infotech shortly, according to a press communique. Commenting on the occasion, Mr. Raju said, ``Nagarjuna's interest in this venture is strategic IT support for its group and participation in the IT industry.''

Magna, which registered a turnover of Rs. 18 crores including its US operations during 1999, provides complete Internet and client/server solutions. It has offices in the US, Hyderabad, Chennai and Indore.

The Nagarjuna group has diversified interests in fertilisers, chemicals, power generation, life sciences, information technology and petroleum.

Mr. Pradeep Mittal and Mr. Niraj Mittal, founders of Magna Infotech, said: ``Our relationship with the Nagarjuna group would complement and greatly enhance our market base in India and abroad, especially among corporate clients.''

Magna is on an expansion mode. It proposes to double its employee strength worldwide in the coming months, the release added.