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HCL Infosystems Ltd on Thursday bought the remaining 40 per cent stake held by the NTS Group in HCL Infosystems Middle East and Africa (MEA).
HCL Infosystems Ltd, through its wholly owned subsidiary HCL Insys Pte Ltd, Singapore has bought the stake in HCL Infosystems MEA FZCo.
Following the transfer of shares, the FZCo will be converted into a FZE (free zone establishment) owned solely by HCL Insys Pte Ltd, Singapore.
HCL Infosystems MEA FZE now becomes a wholly owned subsidiary of HCL Infosystems Ltd. NTS Holding BVI is a leading IT services and solutions company based in Dubai.
HCL Infosystems had in 2010 acquired 60 per cent of NTS Group to expand its global footprint in the West Asian and African market with direct operations to address the system integration and services need in these regions.
“This buy out will put us in a stronger footing in the Middle East market and enable us to quickly expand our business in the region,’’ Shivkumar Gopal, Chief Executive Officer, HCL Infosystems MEA, said.
He said the company will now focus on enhancing its capabilities and offer more solutions, services and products to the customers in the region.
>ronendrasingh.s@thehindu.co.in
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