Ravi Sheth picks up 10% in Gemini Commn

GE Shipping executive director Ravi Sheth has picked up 10 per cent stake in Chennai-based Gemini Communication, a designer and manufacturer of radio frequency identification (RFID) solutions.

Sheth has acquired 6 per cent stake from the company and another 4 per cent stake from the market over the last two months. The exact acquisition price is not known. Sheth has acquired the stake in his personal capacity.

Gemini's share price closed at Rs 475.10 on the BSE today. Its market capitalisation is over Rs 208 crore. This is Sheth's third investment in the IT sector, the earlier ones being in Financial Technologies (India) and Logix Microsystems.

Gemini Communication chairman and managing director R Vijay Kumar said, "There is a huge potential in RFID solutions as the technology will replace barcodes in a shortwhile."

Gemini Communications is a major player in networking, systems integration and RFID solutions. It designs and manufactures RFID-based readers and antennas, with technology assistance from Texas Instruments under the brand Traze.

Vijay Kumar and his brother R Ram Kumar, who is director, are also planning to offload around 2 lakh shares in the company under an attempt to raise capital for its expansion projects.

Gemini Communication is planning to set up a RFID manufacturing unit at Baddi in Himachal pradesh, with an investment of around Rs 20-22 crore.