Happiest Minds to Merge with ITC Infotech, Targeting $1B Revenue
Happiest Minds Technologies Limited has announced definitive agreements to merge with ITC Infotech India Limited. The combined entity aims to become a scaled, AI-first global technology services enterprise with US$1 billion in annual revenue by FY28. The merger will create a company with over 19,000 employees and operations in more than 30 countries. The transaction involves ITC Infotech acquiring a ~22.1% stake in Happiest Minds for ₹1,330 Cr and a share swap where Happiest Minds shareholders will receive 25 ITC Infotech shares for every 81 Happiest Minds shares. ITC Limited will be the promoter with a ~73.4% stake. The merger is expected to be completed within 15 months, subject to regulatory approvals.
Key Highlights
- Happiest Minds and ITC Infotech to merge, targeting $1B revenue by FY28.
- Combined entity to have 19,000+ employees and global operations.
- Transaction includes share swap and ITC Infotech acquiring a minority stake.
- ITC Limited to be the promoter of the merged company.
- Merger completion expected within 15 months, pending approvals.
Price Impact
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