ITC Infotech to acquire 22.1% of Happiest Minds, merge with it

ITC Limited announced that its wholly-owned subsidiary, ITC Infotech India Limited, will acquire a 22.106% stake in Happiest Minds Technologies Limited (HMTL) from its promoters for approximately ₹1,330 crores. Following the acquisition, HMTL will be amalgamated with and into ITC Infotech. This strategic combination aims to synergistically blend the capabilities of both entities to drive revenue growth, enhance competitiveness, and augment ITC Infotech's scale and capabilities in the IT services sector. The transaction is subject to statutory and regulatory approvals, including from the Competition Commission of India and the National Company Law Tribunal, with an expected completion timeline of 3 to 8 months.