IT hardware maker HCL Infosystems will sell its wholly owned subsidiary HCL Infinet to internet services provider Tikona Digital Networks. The sale of shares is subject to and shall be effective post necessary regulatory approvals, HCL Infosystems said in a statement.
The sale of shares is subject to and shall be given effect post necessary regulatory approvals.
The move comes as a part of HCL Infosystems' transformation strategy under which the company will be further strengthening its core business and expanding into identified growth areas.
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“HCL Infinet is today poised to take on a different growth trajectory and is best suited to further strengthen an enterprise like Tikona focused on delivering ISP & NLD services in the fast emerging telecom industry. HCL Infosystems on the other hand has been rapidly emerging as a leading systems integration and product engineering company, enabling projects across the country in the areas from eGovernance, power, telecom, education and learning to security etc. The company has also completed two acquisitions in the past few months to expand its geographical presence.
This step can be viewed as the company further consolidating and strengthening its IT service offerings”, said Harsh Chitale, Chief Executive Officer, HCL Infosystems Ltd.
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