ITC’s arm gets nod to acquire 22.1% stake in Happiest Minds Technologies

ITC Ltd. | Cigarettes/Tobacco | FMCG | BSE: 500875 | NSE: ITC

01 Sep 2026 Evaluate

ITC’s wholly owned subsidiary -- ITC Infotech (ITCI) has secured approval to acquire 22.1% equity stake in Happiest Minds Technologies (HMTL) from Ashok Soota and Ashok Soota Medical Research LLP, HMTL’s promoter / promoter group, in two tranches under a Share Purchase Agreement. The Board of Directors of ITCI, at its meeting held on August 31, 2026, has approved the same. The cost of acquisition of the 22.1% equity stake is around Rs 1,330 crore.

Additionally, ITCI’s Board has approved the proposed Scheme of Amalgamation of Happiest Minds with ITCI which will be effected after the share acquisition. As a result of the scheme, the shares of ITCI will be listed on the stock exchanges. The proposed transaction has also been endorsed by the Board of Directors of the company. The proposed transaction is subject to the satisfaction of customary statutory, shareholder and regulatory approvals, including approvals from the Competition Commission of India, the relevant stock exchanges and the National Company Law Tribunal. The companies expect the transaction to be completed within the next 15 months and will continue to operate independently until all approvals have been obtained.

This strategic combination will synergistically blend ITCI’s AI-led capabilities across Cloud, Data Analytics, PLM, SAP, enterprise transformation, industry-specific technology solutions and full-stack managed services together with Happiest Minds’ strengths in build-led Digital Product Engineering, Data, Cybersecurity, and specialized AI expertise. The proposed combination will lead to a step change in scale for ITCI, enhancing its competitiveness to win large transformation-led mandates and augment capability in critical areas to effectively serve its client base and address new value pools that are emerging with rapid adoption of AI across enterprises.

The combined entity will also lead to substantially enhanced presence in the US markets as well as in the Banking, Financial Services and Insurance vertical. Further, key industry segments such as Healthcare, Hitech and Edutech would also get added to ITCI’s portfolio. By adding marquee clients to ITCI’s customer base, the proposed combination will also unlock significant cross-selling & up-selling opportunities.

ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agribusiness, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.

ITC Share Price

266.45 10.20 (3.98%)

01-Sep-2026 16:59 View Price Chart

Peers

Company Name	CMP
ITC	266.45
Godfrey Phillips Ind	2080.00
VST Industries	208.00
Indian Wood Products	34.50
NTC Industries	132.90
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