IT and engineering firm Global Economic Advantage Pvt Ltd has bought Samtel Engineering and Sourcing Solutions Pvt Ltd, an India-based company that provides engineering and outsourcing solutions. The financial terms of the acquisition deal were not disclosed, according to Reuters.
The deal also includes the sale of Samtel's wholly owned unit in Germany. The said unit served as Samtel's front office for its clients located in Europe, the report added.
Samtel Engineering is under the Samtel Group, a firm that manufactures picture tubes for television and display products and medical equipment, the report said.
The engineering firm was purchased by Gurgaon-based Global Economic Advantage together with Kanpur-based firm Laans Portfolios. Global Economic Advantage caters to North American and Indian clients in the IT and engineering industry. The company's services include web application development, IT staffing solutions, and software application development, the report detailed.
Samtel Engineering sought legal advice from HSA Advocates on the said transaction, Reuters reported.
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