HCL Infosystems gets nod to sell HCL Infotech to Novezo Consulting

11 Feb 2021 Evaluate

HCL Infosystems’ board has approved the sale of its wholly-owned subsidiary HCL Infotech to Novezo Consulting. The enterprise value of HCL Infotech was Rs 147 crore as of September 30, 2020, which will be adjusted based on the balance sheet position of HCL Infotech as on the closing date of the transaction.

This transaction excludes UIDAI and Rajasthan power projects; Residual Business (assets and liabilities, which consist of completed HCLI SI Projects and other discontinued and closed projects of HCL Infotech); and HCL Investments Pte and its step-down subsidiary, Nurture Technologies FZE.

The company's management has been consistently making efforts to rationalise its businesses through actions/initiatives aimed at reducing the company's debt as well as business losses. The sale of HCL Infotech is consistent with these initiatives. The Board of Directors of the Company in its meeting held on February 10, 2021 has approved the same.

HCL Infosystems (HCLI) is one of the leading ICT system integrator and distribution company.  It originated in 1976, It developed the first indigenous micro-computer at the same time as Apple and 3 years before IBM's PC – in 1978.

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