ITC Infotech to Acquire Happiest Minds, Amalgamate for $1 Billion Revenue Target

ITC Limited has announced a strategic combination involving its wholly-owned subsidiary, ITC Infotech India Limited ('ITC Infotech'), and Happiest Minds Technologies Limited ('HMTL'). The Board of Directors of ITC Infotech has approved the acquisition of 3,36,61,700 equity shares of HMTL, representing 22.106% of its equity share capital, from promoter Mr. Ashok Soota and Ashok Soota Medical Research LLP. This acquisition is part of a larger plan that includes the amalgamation of HMTL with and into ITC Infotech.

The proposed transaction has received endorsement from the Board of Directors of ITC Limited. The amalgamation will involve ITC Infotech issuing 25 fully paid-up equity shares of ₹10 each for every 81 fully paid-up equity shares of ₹2 each held by HMTL shareholders. Following the amalgamation, ITC Infotech's shares are proposed to be listed on the BSE Limited and the National Stock Exchange of India Limited.

The acquisition and amalgamation are contingent upon obtaining necessary statutory and other approvals, including from the Competition Commission of India and the National Company Law Tribunal. The transaction is expected to be completed within approximately 15 months from the execution of the transaction documents. This strategic move aims to create a scaled, future-ready, AI-first global technology services enterprise targeting US$1 billion in revenue by FY28, leveraging the combined capabilities of both entities to enhance competitiveness and expand service offerings.