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News >> Technology >>
Hinduja TMT to demerge IT, ITES biz
By agencies
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Friday, 01 September 2006, 19:30 IST
MUMBAI: Hinduja TMT today said it will demerge its Information Technology and IT enabled Services undertaking into a separate entity, which would be listed in the fourth quarter of current fiscal.
The board of directors after discussing the recommendations of the committee of directors, pursuant to a scheme of arrangement, approved the demerger of its IT/ITeS undertaking. The demerger would come into effect from October 1 and the new entity would be called HTMT Technologies.
The company is also looking at some major acquisition opportunities for HTMT Technologies in the ITeS sector in the U.S., to add to its geographical reach and domain competencies. The acquisitions would be backed substantially from the funds received from the sale of Hutch stake within the current financial year, it said.