IndonetGlobal.com places Rs 4.59 crore Equity with Bank of Madura

White Arrow News Service, Chennai, April 2000.

Chennai-based IndinetGlobal.com (ING) promoted by the Subuthi Group with wide ranging interests in wind energy, corporate finance etc., has placed an equity of Rs 4.59 crore with Bank of Madura. This placement of equity is to further strengthen its plans and consolidate its foray into the IT sector specifically into the internet arena with a slew of Informative and e-com oriented portals.

Having a strategic partner and an associate company in California, USA - Subuthi Overseas Inc. (SOI) - ING is in the business of software development, e-com, web related activities including B2B and B2C, development of Indonet Centres and other IT enabled services. SOI has recently been valued at US $ 8.4 million by Ernst & Young.

Continuing its quest for excellent and path breaking services in the e-com and internet world, ING is scheduled to come out with an IPO sometime in the month of May-June this year.

ING also acts as an offshore software development facility for SOI, servicing Fortune 500 and other prestigious clients like IBM, Merrill Lynch, Oracle, Visa International, Bank of America, Charles Schwab, Ernst & Young, Adelphia Communication, etc. Whilst in India, ING is set to offer informative portals that would be trendsetters in its area of operation and also provide B2B and B2C services to large customer base. Soon to be established, its Indonet centres are a precursor to the above. Centres where a customer will have all modern communication facilities, online education, web designing, browsing and other related activities.