Indian startup - Manana Innovations acquires Gibraltar based firm

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SME Times News Bureau | 04 Jun, 2016
Manana Innovations Pvt Limited (MIPL) an Indian startup which specializes in the telecom sector has announced the acquisition of a Gibraltar based The Tenable Group Limited (TTGL).

The merger has been structured in a very unique manner where no financial exchanges are involved, said a press release on Friday.

The acquisitions involves MIPL leadership team using its expertise and experiences to turn around TTGL performance & improve business and profitability and take over the current OpEx from a defined date. 80% shareholding of TTGL would be transferred to MIPL management for its assignees during a pre agreed time span.

Commenting on the acquisition, Chandan Ghosh, Co-founder & Chief Mentor said, "The Tenable Group Limited is in the business of Mobile VAS and International SMS Carriage between carriers and countries. It also has several contract and agreements with very lucrative commercial terms and service features with global leaders in this business. It has commenced work on developing e-Commerce Mobile Financial Services."

"Manana Innovations (P) Limited (MIPL) is constantly in search of partnerships and alliances to strengthen & expand its span of service offered to its current & future clients and the acquisition of TTGL is the step in that direction," he added.

The areas to be served from Gibraltar TTGL will become an integral part of MIPL and the technology and skills would be integrated and amalgamated with the teams that would be emerging wherever necessary, we are mandated as a company to pursue "Make in India" hence are Skilling Indian Manpower, Ghosh observed.

Manana Innovations key plans involves in bringing products and services in the area of absolute mobility involving Telecom, Travel & Internet and Financial freedom amongst individuals and distanced yet connected communities. Manana innovations shall be investing heavily in technology, Product Development and Innovations along with the manpower skilling.

"MIPL will bring products and services in the area of absolute mobility involving Telecom, Travel & Internet and Financial freedom amongst individuals and distanced yet connected communities. Our initiatives will not be limited to only India but globally every connected community would be served by us," he added.