HCLTech Exits Joint Venture With State Street For $173 Million
The divestment has been done pursuant to the call option exercised by State Street in accordance with the agreement.
HCL Technologies Ltd.'s wholly owned UK subsidiary has divested its entire 49% equity stake in the joint venture with State Street International Holdings for $172.5 million or around Rs 1,438 crore.
The amount is in addition to State Street HCL Services Pvt.'s net book value.
The divestment has been done pursuant to the call option exercised by State Street in accordance with the agreement. The deal was announced last December, and the transaction has been completed, effective April 1, according to an exchange filing on Tuesday.
The U.S.-based State Street and the Indian IT major, through its UK unit, had tied up in 2012 to provide business operations services.
State Street had said the acquisition would further streamline its operating model in India, "to facilitate faster decision-making and a more effective and efficient experience for its clients".
Shares of HCLTech closed 1.82% lower at Rs 1,528.1 apiece on the BSE ahead of the announcement on Tuesday, compared to a 0.15% decline in the benchmark Sensex.
