HCL Infosystems concludes sale of HCL Infinet to Tikona Networks

HCL Infosystems has completed the sale of entire equity stake in HCL Infinet, a wholly owned subsidiary to Tikona Networks on November 10, 2011. Consequently, HCL Infinet has ceased to be subsidiary of the company. Earlier, the company had signed an agreement for sale of its entire equity stake of HCL Infinet to Tikona Digital Networks on January 19, 2011.

HCL Infosystems is one of the leading ICT system integrator and distribution company. It has wide range of products and services such as IT products, solutions and related services, which include PCs, servers, imaging, voice and video solutions, networking products, TV and FM broadcasting solutions, communication solutions, system integration, ICT education and training, digital lifestyle solutions and peripherals.

The July-September quarterly net profit of the company plunged 74.39% at Rs 12.15 crore against Rs 47.46 crore for the corresponding period last year. Net sales for the quarter under review dropped 5.80% to Rs 2787.57 crore against Rs 2959.37 crore in Q1, FY’11.