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Hinduja Fin okays ESOP for ALIT

BANGALORE: Hinduja Finance has decided to extend the employees stock option (ESOP) to the employees of Ashok Leyland Information Technology Ltd (ALIT), the software division of Hinduja Finance. The ESOP decision is based on a recommendation made by Price waterCooperhouse.

The decision taken by the board of directors of the company envisages setting aside two per cent of its equity for stock options. With the completion of the merger of ALIT, Hinduja Finance has predominantly become an information technology company with I T activities contributing 80 per cent of the net profits, according to Mr Ajit Chakravarti, President IT division of Hinduja Finance.

The company has also appointed Anderson Consulting to undertake an IT strategy project to enable it to realise its vision of becoming one of the top players in the IT industry. The consulting company would assist the company in the preparation of a road- map to achieve this objective through alliances, acquisition and geographical spread of its activities and leveraging its presence in the other businesses of TMT sector by devising synergies._ Our Bureau