Vistra Group today announced the acquisition of Ujwal Management Services Private Limited (USMPL), an international business services provider based in Bangalore, India. This is the Group’s second acquisition in India following the announcement of the acquisition of IL&FS Trust Company Limited (ITCL) in April.
Incorporated in 1995, Ujwal has been assisting clients across the world in expanding their businesses into India. The majority of Ujwal’s clients are Indian subsidiaries of foreign multinationals, predominantly in the information technology sector. As a result, Ujwal enjoys a very strong reputation in the technology space in Bangalore, considered the main hub of this activity in India. The core of its business is to provide assistance with setup of entities in India, along with ongoing administration services including payroll, accounting, finance and statutory compliance.
Ujwal has a staff of over 110 in-house professionals based in Bangalore. The management team, led by Muralikrishan A.G. and Kantharaj S.K., is joining the Vistra Group to further boost the International Expansion capability.
Commenting on this acquisition, Mr Martin Crawford, CEO of Vistra Group, says, “We are delighted to welcome Ujwal into the Group. Acquiring Ujwal expands the Group’s presence in India, especially the coverage in South India. Ujwal has the expertise, the experienced staff, and the well-established network to penetrate the IT-enabled services (ITeS) client segment which is a good fit to the Group’s strategic focus”.
CEO of Ujwal, Mr Muralikrishan A.G., added, “We are excited to join the Vistra Group. With Vistra’s global network, we can extend our onshore capability into key business origination markets such as USA and Europe, which broaden our geography significantly. Our clients can benefit from solid on-the-ground support in a number of these countries. We look forward to our collaboration with Vistra”.
Vistra Group Acquires Ujwal to Further Expand its Footprint in India