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SRIT forms a JV Company in Australia

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Sobha Renaissance Information Technology (SRIT) have announced its Joint Venture (JV) with Capital Technic Group (CTG), an Australian  Management Consulting & Services firm.  The joint-venture capitalized at Australian $2.5m aims to produce $7.5m in annual revenues by the second year and ramping up to $65m by the fifth.The joint-venture, Sobha CTG Solutions Australia Pty Ltd., will launch SRIT’s products and services in the Australasian markets, while SRIT will enhance the growth of CTG’s consulting services in the realm of ICT. Structured as a 50:50 JV, Sobha CTG Solutions Australia Pty Ltd. aims to enter the Australasian ICT markets in the areas of healthcare, telecoms and enterprise. While the joint venture company has been registered as Sobha CTG Solutions Australia Pty Ltd, the trade name has been set as, ‘Sobha CTG Solutions’. Capital Technic Group is a privately-held, Corporate Advisory and Investment Banking Services Company based out of Sydney with operations spread across US, UK, India, China, Malaysia, Singapore and Japan. CTG focuses on providing technology services for infrastructure markets including biomedical devices, energy, environmental engineering, finance & banking, industrial biotechnology, informatics, homeland defense, telecommunications and transport. CTG’s main businesses include technology licensing, business consulting for competitive advantage, globalization & partnering to gain leadership in the development and commercialization of technology. CTG was incorporated in 1983, and in the year 2000 structured a US $ 3.5 Billion finance for early-stage and start-up technology ventures. CTG plans to foray into the aerospace, road & public safety systems space in the very near future. With an Australian head office, Sobha CTG Solutions Australia Pty Ltd. intends to establish a national office network with access to governmental and corporate clients. The JV would focus on closing major deals and would aim to establish a sizeable market share. This JV would also create career opportunities for high-end ICT personnel from both, India and Australia. As an integral part of their commitment, CTG would identify knowledge and technology transfer opportunities to SRIT in the territory. CTG would also guide the JV Company on accessing Australian Federal Government R&D and other investment incentives.  Induction of an Australian General Manager and other senior resources for the JV is already in process.

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