Text 100 plc, the British media consultant group dealing with telecom and IT firms, has proposed to set up a 100 per cent subsidiary in the country by acquiring all the shares held by Indian promoters in Text 100 Pvt Ltd. The shares in Text 100 Pvt Ltd is owned exclusively by the directors of the company which includes Sandeep Kalsi.
In an application filed before the government Text 100 plc has proposed to set up the subsidiary. This will be done by transferring the shares of the Indian company in the name of the British media relations group. Sources point out that the Indian-owned company was set up as an intermediate arrangement till Text 100 plc decided to invest in 100 per cent subsidiary.
Sources said the total investment proposed for the project will be around Rs 1 crore. Text 100 will also start operations in Bangalore shortly, where the operations will be headed by a executive of the general manager.
The company is also looking Mumbai for opening an office there though it is likely to take a few months. Text 100 Pvt Ltd started operations in India barely a year ago with the setting up of the New Delhi office. The company handles giant telecom firms like BT (British Telecom) and software majors like Microsoft Corporation to name only two.
Besides the UK, the group has interests in the United States, Europe and Australia and employs around 300 people.
The group has recently started the employees stock option program (ESOP) in the UK. As a result some of the longer serving employees of the company are offered the equity stock option.
However, the company has no plans at the moment to introduce the stock option in India.
