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Choksey enters IT, is Infoway's chairman

Atul Choksey, former managing director of Asian Paints, has picked up a controlling stake in Bangalore-based software company Infoway Solutions. Choksey will be the company's new chairman, promoted by Ajoy Chakravorty, former chief executive of PCL Mindware.

Choksey is expected to invest about Rs 120 million, though details about his initial commitment are under wraps. Last August, he quit Asian Paints due to differences with other promoters and subsequently sold his 9.1 per cent stake to Kotak Mahindra Capital Company for Rs 1.28 billion.

According to media reports, Infoway will henceforth focus on software exports, mainly to the US, Europe, Japan and Singapore. Thrust areas will be client/server application development, Y2K, Euro conversion services and on-site consultancy.

Choksey has said that his group will focus on high-growth, high-technology areas, resting speculation about his deployment plans for his huge stockpile of money.