M&A

M&A

GIS-tech co Esri India's MD set to acquire majority stake to meet govt norms

Economic Times  

The Indian arm of global GIS technology solutions provider Esri is on track to solidify its compliance with the updated geospatial policy reforms with its managing director Agendra Kumar set to hold a majority stake in the company over the next 6-8 months. He has already increased his stake in Esri India to about 35% and will take it beyond 50% by next year. In February, the Centre had updated the geospatial policy, stating that overseas firms in the segment can source such data from Indian companies' local servers but not own the data if it requires accuracy of less than 1 metre. Esri India caters to over 5,000 government projects comprising over 70% of its revenue base.