Diebold acquires stakes in Indian arm

NYSE-listed Diebold Inc on Wednesday announced acquisition of 50 per cent stake in its India arm Diebold HMA Pvt Ltd from HMA Data Systems Pvt Ltd.

After the acquisition, the joint venture sales and service organisation Diebold HMA Pvt Ltd, which is headquartered at Chennai will become 100 per cent subsidiary, and will be rechristened as Diebold.

The integrated self-service delivery systems provider also said itecured orders from major Indian banks including UTI Bank and Punjab National Bank for the supply of more than 1700 ATMs in the first quarter of current fiscal.

"This acquisition sends a clear message that Diebold remains committed to pursuing opportunities that will advance the expansion of our international business in a market with exceptional growth potential," Dieblod president (international operations) Michael Hillock told reporters in New Delhi.

While HMA Data Systems would continue to focus on its core expertise of providing software solutions, Diebold would concentrate on providing total solutions.

Diebold which plans to infuse additional resources in its India operations post acquisition, was also planning to open a call centre in India to cater to it services around the globe by 2006.

The call centre would have the capacity of more than 700 seats, he said.