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GSS Infotech to buy 100% of Indian “farm to store” company, Polimeraas; Stock locks at new high

The merger of Polimeraas Agros with GSS Infotech will be through a scheme transaction subject to the approval of the shareholders, stock exchanges and regulatory authorities.

December 07, 2021 3:16 IST | India Infoline News Service
GSS Infotech board of directors approves the 100% acquisition of an Indian “farm to store” company Polimeraas, with a combination of stock and cash. Polimeraas is valued at Rs250cr.

The merger of Polimeraas Agros with GSS Infotech will be through a scheme transaction subject to the approval of the shareholders, stock exchanges and regulatory authorities.

Bhargav Marepally CEO of GSS Infotech said " GSS has always been focused not just growth but on strategic growth opportunities that take advantage of a changing business environment. B2C e-commerce opportunities leveraging core technology strength has always been an integral part of GSS's inorganic growth strategy to drive growth."

Thereby, the CEO that this is "clearly the most logical step to take bearing in mind the explosive growth we are going to see for e-commerce especially for online and hyper-local fulfilment."

Further, Marepally added that "Polimeraas stores are currently ideal dark stores for a hyper-local rapid delivery fleet. We see meaningful opportunities to improve efficiency across the value chain by leveraging data analytics. We are also going to focus on creating tech-enabled best in class retail experiences.”

At around 3.14 pm, GSS Infotech was trading at a new 52-week high of Rs133.40 per piece up 5% on Sensex. 

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