HCL Technologies, leading IT services provider, has decided to buy Swedish commercial vehicles major Volvo Group’s external IT business for USD 138 million (around Rs. 895 crore) in an all cash deal. Volvo Group will also outsource its IT infrastructure operations to HCL for an undisclosed contract value for five years.
The Volvo Group and HCL have signed a Letter of Intent. Approximately 2600 Volvo personnel globally will be affected by the transaction. They will be given the offer to move over to HCL Technologies and will continue to work closely with their colleagues in Volvo’s IT services division.
HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses.
