Vistra Group, a Hong Kong-based provider of corporate, trust and fund administration services, has acquired India-based Ujwal Management Services for an undisclosed amount.
Ujwal was founded in 1995 and its core of the business is to provide support in establishing entities in the country, along with ongoing administration services including payroll, accounting, finance and statutory compliance.
As part of the deal, the management team, led by Muralikrishan A.G. and Kantharaj S.K., will join the Vistra Group. Ujwal has a staff of more than 110 in-house professionals.
Vistra Group CEO Martin Crawford said: "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."
Ujwal CEO Muralikrishan A.G. said: "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’s latest acquisition follows the purchase of India-based IL&FS Trust Company Limited (ITCL) in April.