Sellwin Traders signs MoU to acquire 51 pc stake in Dubai-based GMIIT

Mumbai, Aug 21 (PTI) Sellwin Traders on Thursday said it has signed an agreement to acquire a 51 per cent stake in Dubai-based Global Market Insights IT Services (GMIIT).

The Ahmedabad-based company has entered into a memorandum of understanding with GMIIT to form a strategic business partnership aimed at expanding and strengthening GMIIT’s operations in the Gulf region, Sellwin Traders said in an exchange filing.

“The company will acquire more than 51 per cent stake in Global Market Insight IT services LLC for USD 1 million (around Rs 8.5 crore), thereby making the Dubai-based company its subsidiary,” it said.

The collaboration marks a significant step in Sellwin’s diversification strategy, while providing GMIIT the necessary financial and strategic support to scale up its operations across the Gulf market. Sellwin expects a Return on Investment (ROI) of 7 per cent or more per annum from this partnership, the filing stated.

The partnership will focus on expanding IT services, market research, consulting, and digital solutions in the Gulf region. Both companies will jointly invest in developing business infrastructure, resources, and a strong client base, the filing said. PTI HG MR