HCL Infosystems to sell arm to Tikona
January 19th, 2011 - 5:11 pm ICT by IANSNew Delhi, Jan 19 (IANS) 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.
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- Succession Planning: Some hiccups, but Indian IT shows the way (Comment) - Jun 16, 2011
- Harsh Chitale new CEO of HCL Infosystems - Oct 01, 2010
- HCL Infosystems bags IT project from Punjab and Sind bank - Mar 09, 2011
- HCL Infosystems Q1 net profit down by 19.5 percent (Lead) - Oct 27, 2010
- HCL Infosystems' Dubai arm signs deal with Emirates group - Nov 10, 2010
- HCL to provide IT services to Etisalat customers - May 09, 2011
- HCL Technologies net profit surges 62 percent - Jul 27, 2011
- HCL Infosystems to set up research centre in Kerala - Dec 07, 2010
- Qualcomm to get BWA spectrum shortly: DoT - Apr 19, 2012
Tags: bombay stock exchange, chief executive officer, core business, digital networks, engineering company, geographical presence, growth areas, growth trajectory, hcl infosystems, infinet, internet service provider, jan 19, leading systems, long distance services, necessary regulatory approvals, nld, product engineering, telecom education, telecom industry, transformation strategy