By IANS,
New Delhi : HCL Infosystems Wednesday said it will sell the entire stake of its subsidiary HCL Infinet to Tikona Digital Networks.
“The move comes as part of the HCL Infosystems transformation strategy under which the company will be further strengthening its core business and expanding into identified growth areas,” the company said in a statement.
The sale of shares is subject to and shall be given effect after necessary regulatory approvals.
“HCL Infinet is poised to take on a different growth trajectory and is best suited to further strenghthening an enterprise like Tikona focussed on delivering ISP and NLD (internet service provider and national long distance) services in the fast emerging telecom industry,” said Harsh Chitale, chief executive officer, HCL Infosystems.
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, he said.
In the past few months, HCL Infosystems has also made two acquisitions to expand its geographical presence.
At the Bombay Stock Exchange, the shares of the company were 0.18 percent low to trade at Rs.108.75.