HCL Infosystems has decided to terminate the deal entered with Axis Investment Incorporated to sell its step-down subsidiary. Since the buyer has failed to pay the consideration, which is a breach of warranty, HCL Insys has decided to terminate the Share Purchase Agreement (SPA).
Earlier in February 2018, the company’s subsidiary HCL Insys, Singapore had decided to sell its entire investments in its subsidiary namely HCL Infosystems MEA FZE (HCL MEA) along with step down subsidiary of HCL MEA to Axis Investment Incorporated. The closure of transaction was subject to certain conditions precedent as specified in the SPA.
HCL Infosystems is one of India’s premier IT Services, Distribution and Digital Solutions Company, enabling organizations to attain and sustain competitive advantage by leveraging Information and Communication Technologies.
