HCL to acquire 20 percent stake in Techmart Telecom

Thursday, 30 December 2010, 18:53 Hrs
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New Delhi: HCL Infosystems said it has signed a share purchase agreement to acquire 20 percent stake in Techmart Telecom Distribution, a Dubai-based partner of Nokia Corporation, the company said in a statement.

"In addition to the 20 percent equity stake, HCL Infosystems will be providing consultancy and operational services to Techmart Telecom, leveraging the company's expertise in the telecom distribution space," the statement said.

Techmart Telecom Distribution is the distributor for Nokia's smartphones in the Middle East and Africa. With this strategic development, HCL Infosystems will now strengthen its global distribution footprint in the emerging markets of Middle-East and Africa.

"We have taken another step in further expanding into emerging markets of Middle East and Africa," said HCL Infosystems' Chief Executive Officer Harsh Chitale.

The agreement also provides an option to HCL to acquire upto 51 percent of equity stake in the company.
Source: IANS
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